Friday, January 15, 2021 1:24 PM EDT
Shares of Plug Power (PLUG) are taking a beating today as investors sell the meteoric recent rise in the alternative energy player. The Plug Power stock chart analysis clearly signals further downside in the coming weeks as it has to work off its massive overbought situation. In just a week, Plug Power ran from below $35/share to above $70/share. Within two days, Plug Power has already fallen below $60/share.
The Plug Power stock chart analysis signals a move back down to $35.00/share which would negate this move higher. Keep in mind, the stock was up already from $2.50/share as the lows of 2020 to $35/share. In other words, the $35.00 level is not only a retrace of the recent move, a major gap fill but also a 50% retrace of the move from $2.50 to the 52-week high of $74.00. As a swing trader, I will be patiently waiting for this level to buy for a 25-30% pop.
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
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Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
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