$PLUG POWER INC * TC FIB EWP BIMONTHLY TF ANALYSIS
Golden Pocket (~$1.37): The price is currently hovering around this critical Fibonacci retracement level, marking it as a significant support zone.
The price is trading within a long-term downward channel, which started after a major peak (early 2000s). The stock has followed this downward trend consistently, and despite short-lived bullish corrections, the overall trend remains bearish.
Resistance Levels within this channel are more likely to appear around $2.95 and $5.00 (both horizontal and diagonal resistances).
This zone is crucial as it coincides with the 0.618 and 0.65 Fibonacci retracement levels. If the stock fails to hold above these levels, the next significant downside could bring the price to around 85¢, where another historical support and the lower boundary of the channel come into play.
The RSI indicator at the bottom of the chart shows an RSI level of 40, which suggests that the stock is currently not in oversold territory but is approaching it. A level below 30 would typically indicate oversold conditions and could hint at a potential reversal.
The stock has had significant downward momentum over the past couple of years, but it's approaching critical long-term support levels. If the current support zone (between $1.12 and $1.37) holds, we might see a bounce toward the $2.95 resistance.
However, if the price breaks down below $1.12, the bearish momentum could accelerate, sending it toward the $0.85 level.
Short-term resistance can be seen at around $2.95 (50% Fibonacci level) and $5.00 (long-term diagonal resistance). For a more sustained recovery, the stock needs to break these levels convincingly, which could open up the possibility for a move toward $13.45 (0.5 retracement level from the macro perspective).
The price is trading within a long-term downward channel, which started after a major peak (early 2000s). The stock has followed this downward trend consistently, and despite short-lived bullish corrections, the overall trend remains bearish.
Resistance Levels within this channel are more likely to appear around $2.95 and $5.00 (both horizontal and diagonal resistances).
This zone is crucial as it coincides with the 0.618 and 0.65 Fibonacci retracement levels. If the stock fails to hold above these levels, the next significant downside could bring the price to around 85¢, where another historical support and the lower boundary of the channel come into play.
The RSI indicator at the bottom of the chart shows an RSI level of 40, which suggests that the stock is currently not in oversold territory but is approaching it. A level below 30 would typically indicate oversold conditions and could hint at a potential reversal.
The stock has had significant downward momentum over the past couple of years, but it's approaching critical long-term support levels. If the current support zone (between $1.12 and $1.37) holds, we might see a bounce toward the $2.95 resistance.
However, if the price breaks down below $1.12, the bearish momentum could accelerate, sending it toward the $0.85 level.
Short-term resistance can be seen at around $2.95 (50% Fibonacci level) and $5.00 (long-term diagonal resistance). For a more sustained recovery, the stock needs to break these levels convincingly, which could open up the possibility for a move toward $13.45 (0.5 retracement level from the macro perspective).
Note
Possible long trade reversal setup on the daily TF for PLUG. A break below the golden pocket would be bearish on the macro.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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