PLUG: Time to buy?
Hello traders and investors! Let’s talk about PLUG today! The stock is highly speculative now, so, let’s see what’s going on here, and proceed carefully.
Usually, I see drops like this as opportunities to buy. As someone who’s out of PLUG, movements like this caught my attention, yes, but there’s a right way to proceed on situations like this. Now is not time to sell, the time to sell was during our last analysis about exit strategies, nearly 2 months ago, which was a public one and the link to it is below this idea.
What’s more, movements like this, caused by news, often don’t change the main trend. I’m not here to talk about news or fundamentals, just Price Action.
PLUG is near a support level, and as far as I know, we must buy near supports – but only if the right pattern appears. Since we still don’t know the short/mid-term impacts of the volatility, we must wait for a bullish pattern, be it candlestick or chart pattern, before jumping into any conclusion, and set the appropriate R/R ratio for the trade.
Now, let’s see the weekly chart:
In moments like this, it is very important to set the R/R ratio and the right size of your position because if PLUG doesn’t react quickly, and it loses the 21 ema, then the next target would be the $ 30.40, or even the $ 22.25.
I find it unlikely to drop, because since it did a top in January, the volume was low, mostly below the average, and this doesn’t indicate a real sell-off, just a pullback.
All I know is that the R/R ratio is good for the bulls, but there’s nothing to do now, but wait for some confirmation. And if you liked this analysis, remember to follow me to keep in touch with my daily studies on stocks, and if this idea gave you a new insight, please, support it with your like!
Thank you very much!
Usually, I see drops like this as opportunities to buy. As someone who’s out of PLUG, movements like this caught my attention, yes, but there’s a right way to proceed on situations like this. Now is not time to sell, the time to sell was during our last analysis about exit strategies, nearly 2 months ago, which was a public one and the link to it is below this idea.
What’s more, movements like this, caused by news, often don’t change the main trend. I’m not here to talk about news or fundamentals, just Price Action.
PLUG is near a support level, and as far as I know, we must buy near supports – but only if the right pattern appears. Since we still don’t know the short/mid-term impacts of the volatility, we must wait for a bullish pattern, be it candlestick or chart pattern, before jumping into any conclusion, and set the appropriate R/R ratio for the trade.
Now, let’s see the weekly chart:
In moments like this, it is very important to set the R/R ratio and the right size of your position because if PLUG doesn’t react quickly, and it loses the 21 ema, then the next target would be the $ 30.40, or even the $ 22.25.
I find it unlikely to drop, because since it did a top in January, the volume was low, mostly below the average, and this doesn’t indicate a real sell-off, just a pullback.
All I know is that the R/R ratio is good for the bulls, but there’s nothing to do now, but wait for some confirmation. And if you liked this analysis, remember to follow me to keep in touch with my daily studies on stocks, and if this idea gave you a new insight, please, support it with your like!
Thank you very much!
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