Plug Power stock Price Prediction: Make or Break Moment For PLUG

• Plug Power stock price has been on a roller-coaster ride under an interesting declining pattern.
• Plug Power share price decreased 0.16% during Tuesday’s trading session with an opening price of $12.35 and a closing price of $13.00.
• Plug Power share price is trading below 20, 50, 100, and 200-Day EMA.

Plug Power stock price was at $12.38 with a dip of 0.16% on Tuesday’s trading session. The trading volume was above average in Tuesday’s trading session. The increase in volume shows the positive market sentiment towards the PLUG stock. The formation of a bullish spinning top candlestick pattern in the last session over the daily trading chart indicates the indecisive session in the market.

The formation of the Spinning top candlestick pattern in the last trading session indicates that both bulls and bears were active in the market, the bulls were driving the price up which can be seen by the long upper shadow, while the bears were driving the price down, which is indicated by the long lower shadow. However, none of them could gain an upper hand over the other and hence the session ended with the opening price and closing price of the stock being close to each other as shown by the small body.

After the start of 2023, the Plug power stock price was on an uptrend with the support of buyers which indicates that the buyers became hyper-active from the start of 2023. But as soon as the pug power stock price reached its 200-Day EMA sellers pushed back the plug power stock price below its 20-Day EMA. This shows that the 200-Day EMA is acting as a major resistance for the plug power stock. This presents a make-or-break moment for the plug power stock price because if the stock price breaks its support trend line of the descending triangle pattern then the plug power stock price may continue its downtrend.

More About Plug Power Inc (NASDAQ: PLUG):

Plug Power Inc. is a global supplier of clean hydrogen and zero-emissions fuel cell solutions for stationary power, on-road electric vehicles, and supply chain and logistics applications. The infrastructure for producing, moving, handling, and dispensing liquid green hydrogen is all part of the company’s green hydrogen ecosystem. GenDrive, GenFuel, GenCare, GenSure, and ProGen fuel cell stack and engine technology are some of its offerings. 

The business also offers electrolyzers and liquefaction equipment that are designed for producing pure hydrogen. Via direct sales staff, OEMs, and dealer networks, Plug Power offers its products. The organization, which was established in 1997 and has its corporate office in Latham, New York, offers sustainable energy solutions to companies all around the world.

Plug Power Inc (NASDAQ: PLUG) Stock Price Technical Analysis:

According to technical indicators, Plug Power stock price may show a downward movement. RSI is decreasing in the oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing PLUG downwards. 

This shows the strength of the current bearish trend. The current value of RSI is 33.37 which is below the average RSI value of 39.46. The MACD and the signal line are decreasing but not showing a definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.

Summary

During Tuesday’s trading session, Plug Power’s stock price dipped by 0.16% to $12.38, despite the trading volume being higher than average. The stock price has experienced a roller-coaster ride with an interesting declining pattern but has been on an uptrend since the start of 2023, likely due to increased buyer activity. However, technical indicators such as RSI and MACD are decreasing in the oversold zone, with a negative crossover indicating strength in the current bearish phase. Traders are advised to exercise caution before entering the market.

Technical Levels

Support Levels: $18.54 and $21.73

Resistance Levels: $12.17 and $11.03

Disclaimer

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

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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