PLUG stock price has been facing strong bearish pressure on the daily technical charts for a prolonged time, as it is below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.
The stock is near $7.16, with a remarkable gain of 11.70% in the intraday session. The stock has a potential upside target of $12, but it needs to overcome the bearish momentum and surge above the 200-day EMA. The stock has a support level of $6.14, which could prevent further downside.
PLUG price prediction suggests that the stock is in the firm grip of the bears and needs to show some signs of reversal before confirming a bullish trend.
Technical indicators favor the bears, projecting a pessimistic perspective for the buyers. The major EMA lines are acting as barrier points for Plug Power price.
The company’s performance has been dismal throughout the year. It has suffered negative returns of 43.67% in the year-to-date period, 24.63% in the last six months, 12.68% in the last month, and a positive return of 6.55% in the last week. This shows a prolonged bearish trend that has not reversed yet.
Technical Analysis of PLUG Stock Price in 1-day Time Frame
PLUG stock (NASDAQ: Plug Power) is trading under the 50 and 200-day daily moving averages (DMAs). The current value of RSI is 43.38 points. The 14 SMA is below the median line at 32.99 points which indicates that the PLUG stock is still in the negative zone.
The MACD line at -0.5492 and the signal line at -0.5408 are below the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the Plug Power stock price.
Weekly-Time Horizon Analysis
The weekly charts of PLUG stock reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone and the MACD shows red bars. These signals indicate that the stock may face more downside pressure in the coming weeks.
Summary
PLUG stock price is trading in a negative trend for a prolonged time giving a pessimistic outlook on the daily and weekly charts. RSI and MACD are still in the negative zone.
Technical Levels
Support Levels: $6.14 and $5.00
Resistance Levels: $8.30 and $9.28
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
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.
Source: https://www.thecoinrepublic.com/2023/10/11/plug-stock-will-plug-power-stock-price-break-the-50-ema/