Time to buy PLUG?
The PLUG short I posted a while back turned out to be right-on-the-money. Now I wonder if it's time to scale back in.
PLUG has been absolutely hammered and is lagging behind the recent rally. I trade based on technicals, so I have no fundamentals to point to as to why this might be the time to buy PLUG, but looking at the chart, I can't help but think: Who the hell is selling here?
We've clearly established some local support around 99 here, supported by the VPVR spike circled on the right.
I think this is going to come down to macro trends, so this idea could easily get invalidated. But I've marked some targets based on previous levels I'll be looking to take profit on if we do see the rally I'm hoping for.
If this idea^ doesn't sound all that convincing, then don't buy, I don't blame you. I would consider this a pretty aggressive entry point, but I'm not watching the market closely enough to wait around for more clear indicators of a reversal.
So I'm yolo'ing in and will set an alert to prompt me to stop out if I'm wrong. I already got stopped out of my previous re-entry attempt, which is also partly which I'm scaling in.
I also marked a mega-bear target, in case I'm horribly wrong and the market nukes or continues to slowly bleed down for some reason.
Happy trades,
CD
PLUG has been absolutely hammered and is lagging behind the recent rally. I trade based on technicals, so I have no fundamentals to point to as to why this might be the time to buy PLUG, but looking at the chart, I can't help but think: Who the hell is selling here?
We've clearly established some local support around 99 here, supported by the VPVR spike circled on the right.
I think this is going to come down to macro trends, so this idea could easily get invalidated. But I've marked some targets based on previous levels I'll be looking to take profit on if we do see the rally I'm hoping for.
If this idea^ doesn't sound all that convincing, then don't buy, I don't blame you. I would consider this a pretty aggressive entry point, but I'm not watching the market closely enough to wait around for more clear indicators of a reversal.
So I'm yolo'ing in and will set an alert to prompt me to stop out if I'm wrong. I already got stopped out of my previous re-entry attempt, which is also partly which I'm scaling in.
I also marked a mega-bear target, in case I'm horribly wrong and the market nukes or continues to slowly bleed down for some reason.
Happy trades,
CD
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.