PLUG Falling Wedge PatternPLUG price has been consolidating in a falling wedge pattern and today it bounced off the yellow support line. Will the pattern result in a continuation or reversal?
PLUG trade ideas
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March 4th, Plug power was 43 when I put the target on 25..!
Why we returned to a long buying zone ?A convergence of factors that pleads for a bull-run :
- The price touchs on April 13, 2021 its 200-day SMA,
- The price may soon drop back to the 0.786 Fibonacci level. This ratio is obtained by considering the date of November 2, 2020, i.e. the last price that touched the green uptrend line. Indeed, we must consider that the action seems to want to retest this bullish slant;
- The price is now down to 2/3 of the red-green falling wedge, which is an ideal situation for a breakout,
- The stock could soon find its 1st pivot point support,
- We can observe a beginning of a tightening of the Bollinger bands with in particular a raising of the lower limit.
Stategy :
1) We could anticipate a large and powerful purchasing zone between $ 25.4 and $ 28.9 (cf. purple range).
2) Ideally, it will be necessary to wait for a confirmation with the break on volumes of the top of the descending bevel.
Medium-short-term goals :
closing the gaps opened at 42.5$ (1) and 46$ (2).
ADDED $PLUG Target 58.84 for 35.70% ADDED $PLUG Target 58.84 for 35.70%
Or next add level is at 27.88
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On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I start every position with 1% of my account and build from there as needed and as possible.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
PLUG bullish case if $29 holdsPlug has a 4 hour bullish divergence and nice reversal at the end of the day. If $29 holds and deals the short term downtrend, this one can go on a nice run and maybe even gap fill at 42.60
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PLUG retracementPLUG approaching 161% retracement. Low RSI and trend going against SPX. May see support at $28.
PLUG in buy zoneThis is a great set up for entry long
Possibly 2x
It needs to breakout of this trend, to get back to $70s
Buy buy buy.
Exit at $28
ER coming May 11th
PlugLooks to have broken first resiatnce if 32.63. 4hr 20 ema resiatnce at 32.89 and normal recent rejection area 33.33. Target of pattern is 36.29. Should find some struggle at 35.17
Held strong at 0.618 Fibonacci extensionLook to go long below 0.5 extension, anything below 0.618 is even better. Price target 35.64+
PLUG bouncing in a strong support linePLUG is on a support line tested several times.
Target price: 70
Expected Returns: >100%
ADDED to $PLUG Target 61.21 for 33.85% $PLUG Target 61.21 for 33.85%
Or next add level is at 30.25
I added here today... which brought the target down, but increased % profit. Chart looks bullish here...
On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average.
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
PLUG 1DThis chart is actually a set up we featured a couple weeks ago. With a short term swing on PLUG from low 30s to low 40s. PLUG found resistance at the level we expected to find resistance.
For this next set up I plan to wait for PLUG to break the resistance, and turn it into a new support. I believe the news of Biden's infrastructure bill can help push a lot of EV charging stations.
PLUG showing potential upside, but leaning to a check of supportIn looking at the daily chart I'm leaning towards a final check of support into the upper $20s (PT's listed on chart) before regaining a steady uptrend.
Looks as if PLUG breaks below $34 again with rejection to upside, it won't find demand until at least $28 and change, with a final downside potential move at $25.70-$25.92.
If it can regain demand above that 120mil candle that failed, there's a nice little gap to push $43.16-$44.76; with a final upside potential of $47.25-$47.85 for that move.
Overall I feel that the red trendline below the current price action needs to be tested for equalization in order for a steady move up in the future. This is due to the lack of consolidation from that original move up in NOV 2020
Huge upside potentialThis one is a bit risky, but the potential is too big.
I would wait a bit more, just to make sure we don't get below 30.09 again, then go long.
Broader market looks bullish as well.
