PLUG Stock Defends $8; Will Plug Power Stock regain $10 in Sep?

Plug Power Inc., PLUG stock price fell 35% in the previous month and formed a bearish pattern. It faced sharp rejection from $13.00 and continued to fall by forming lower low swings.

Plug Power stock price trading below the both 50-day and 200-day EMA showcase downtrend. However, the stock price has gone far away from the EMA so a minor pullback rally may trigger anytime.

PLUG stock price performed well in May, June, and July and rallied to 83% from the lows. It created hope for the bullish trend reversal and attempted to break the $13.00 hurdle.

Unfortunately, $PLUG witnessed minor profit booking and prices retraced down to the 50-day EMA. Buyers tried to hold the PLUG share price near $10 but due to quarterly earnings buyers lost the battle.

Plug Power Inc. released the previous quarter’s earnings on August 9, 2023. It reported an EPS of -0.40 and revenue of $260.182 Million. The company missed the EPS estimate by 50.20%.

Due to this, investors of PLUG reacted negatively and prices collapsed by 15% in a single day. Later, the sell-off continued and reached a 52-week low.

Will PLUG Stock Price Recover from the 52-Week Low?

PLUG stock price is near to its yearly low and buyers are trying their best to rebound. Recently, prices formed a bullish hammer candle near $8.00 and showed a minor bounce. It shows that responsive buyers are active and the downside looks limited.

Till Plug Power share price sustains above $7.37 the probability of recovery will remain high. However, the prices will pick up the momentum when buyers can regain the $10 mark.

Presently, PLUG share price closed the previous sessions at $8.46 with an intraday decline of -1.28%. The market capitalization stands at $5.09 Billion.

Plug Power Stock is in a Correction Phase

Plug Power stock price (NASDAQ: PLUG) is in the correction phase. But the share prices look oversold so the bears might lose the momentum near to support.

Meanwhile, the broader market indices are also recovering so it might positively impact the PLUG share in the coming months.

The MACD curve is reversing upward and might generate a positive crossover. If it happens then it may be an initial sign of trend reversal. The RSI curve in PLUG share at 37 denotes weakness but a minor relief rally is pending.

Conclusion

Plug Power Inc. PLUG stock price fell 35% in August 2023. However, the prices are near to the 52-week low which is acting as a strong support.

The technical analysis suggests Plug Power stock has corrected a lot so a pullback toward $10.00 is possible.

Technical levels

Resistance levels: $9.83 and $11.00
Support levels: $7.37 and $7.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.