The last few weeks have seen some stocks in the renewable or "clean" energy sector hit hard. The hype around hydrogen also seemed to be broken. After the price peak at the end of January, Plug Power slid by about 46 %. Since last Friday, however, the hydrogen company has awoken from its hibernation and gained around 45 %. Where do we go from here?
Plug Power with a gap close and on it goes!
Plug Power's share pleases all investors and so the rally has known only one direction for months. In the area of USD 69.50, however, the share experienced increased profit-taking in the context of the overall market weakness. This area can now be defined as a clear resistance level, which of course is no less attractive. With yesterday's gains, the share has in any case broken away from the gap it closed in January (gap close). Above this level, the share remains worth buying with a first target at USD 53.15 and then up to resistance at USD 69.50. A breakout above this should lead to renewed buying. A breakout above this level should arouse renewed buying interest on a broad front, so that an establishment above the round price mark of USD 70.00 is inevitable. When Plug Power's shares could ultimately reach triple digits will be assessed here in due course.
On the other hand, another setback into the price gap from 6 to 7 January would be critical. In the course of this possible weakness, the price could fall below the USD 37.25 level. This could lead to further declines in the direction of USD 28.50 and lower.
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Notice:
Despite careful analysis, Global Investa does not guarantee the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor and investment advice from a professional investment advisor who takes into account the individual economic circumstances and the level of experience of the customer.
Plug Power with a gap close and on it goes!
Plug Power's share pleases all investors and so the rally has known only one direction for months. In the area of USD 69.50, however, the share experienced increased profit-taking in the context of the overall market weakness. This area can now be defined as a clear resistance level, which of course is no less attractive. With yesterday's gains, the share has in any case broken away from the gap it closed in January (gap close). Above this level, the share remains worth buying with a first target at USD 53.15 and then up to resistance at USD 69.50. A breakout above this should lead to renewed buying. A breakout above this level should arouse renewed buying interest on a broad front, so that an establishment above the round price mark of USD 70.00 is inevitable. When Plug Power's shares could ultimately reach triple digits will be assessed here in due course.
On the other hand, another setback into the price gap from 6 to 7 January would be critical. In the course of this possible weakness, the price could fall below the USD 37.25 level. This could lead to further declines in the direction of USD 28.50 and lower.
If you liked the analysis, we would be pleased if you liked or subscribed to it. By doing so, you support our work enormously!
Notice:
Despite careful analysis, Global Investa does not guarantee the content, timeliness, accuracy or completeness of the information provided. In particular, the information provided does not constitute investment advice, a recommendation to buy or investment brokerage and can in no way replace investor and investment advice from a professional investment advisor who takes into account the individual economic circumstances and the level of experience of the customer.