PLUG 's momentum continuation LONG
Updated
PLUG's momentum had a good move today. PLUG is moving in a descending channel. Today
other EV stocks including TSLA, LCID, NKLA, FSR had big moves. TSLA's was the smallest in
percentage but the biggest in market cap regain. PLUG is now at the 0.5 Fib
retracement level. The zero-lag MACD and dual TF RSI indicators are about to cross the zero
and 50 levels respectively. The predictive tool ( Echo by LuxAgo) predicts a move to
5.95 by mid-February. This is about 50%. With the 11% move today, PLUG could be getting
overextended but the algo does not suggest that. As with other penny stocks risks are high but
a return of 50% in three weeks would offset the risk. I will trade PLUG here using a stop-loss
of 3.55 below that black horizontal Fib level. My $3.5 options for 2/2 did 300% unrealized
today. In the next 2 days I will roll them forward into the 2/16 expiration $4.5 strikes.
other EV stocks including TSLA, LCID, NKLA, FSR had big moves. TSLA's was the smallest in
percentage but the biggest in market cap regain. PLUG is now at the 0.5 Fib
retracement level. The zero-lag MACD and dual TF RSI indicators are about to cross the zero
and 50 levels respectively. The predictive tool ( Echo by LuxAgo) predicts a move to
5.95 by mid-February. This is about 50%. With the 11% move today, PLUG could be getting
overextended but the algo does not suggest that. As with other penny stocks risks are high but
a return of 50% in three weeks would offset the risk. I will trade PLUG here using a stop-loss
of 3.55 below that black horizontal Fib level. My $3.5 options for 2/2 did 300% unrealized
today. In the next 2 days I will roll them forward into the 2/16 expiration $4.5 strikes.
Trade active
PLUG is running fast and hard. Options rolled forward and moved to 5.5 OTM strike. On watch for signs of topping, general market pullback be damned in the meanwhile Carrying a position in FCEL and UEC right now as alternative energy seems to have increased trader interest. Expecting PLUG to consolidate and rest for Friday and into next week. Considering adding to the position if an entry in consolidation is found.Note
News Catalyst- Big upgrade and upside linked here investorplace.com/2024/01/roth-mkm-just-doubled-its-price-target-on-plug-power-plug-stock/Trade active
Plug is running higher hard and fast- being watchful for signs of topping.Trade active
Price is hitting 5.0 with wicks no reason to take profit just yet awaiting some capitulation on consolidated price and then another leg of continuation.Trade active
Lower price action in porfit taking to finish the week. buying another option on the discount.Trade active
PLUG showing aggressive momentum added to the position with a strike of $6 for 2/16 expiration call options. Looking at QS and BLNK.
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.