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Plug Power, Inc.

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PLUG trade ideas

plugPlug Power Inc. (PLUG) appears to be nearing the end of its bearish trend, based on the principles of the Wyckoff method. Over the past three weeks, I have observed a significant increase in trading volumes, which could indicate a classic accumulation phase. Key Levels and Targets: Key Resistance: $2.65 – A breakout above this level, confirmed with strong volumes, would signal the completion of accumulation and the beginning of a markup phase. First Price Target: $5.00 – This represents a significant upside potential in line with the anticipated upward momentum. Supporting Factors: Volume Activity: Recent weeks show increasing volumes, suggesting strong buyer interest. Wyckoff Structure: The current price action aligns with the final stages of the accumulation phase and anticipates a possible breakout. Traders and investors should monitor the $2.65 level closely for confirmation of this scenario. A successful breakout could open the path toward the $5.00 target in the coming sessions.
NASDAQ:PLUGLong
by omossa
PLUG Powering Up For A Breakout?!Here I have NASDAQ:PLUG on the Daily Chart! We can see that Monday, November 4th gave us a Very Bullish break to the Falling Resistance Price has been contained by forming the Wedge Pattern and with the Bullish Volume following the Break, gives this pattern a Bullish Bias after the strong decline since Jan. 2021. The push for Greener and Cleaner way of Living and Transportation has the world in High Search for Electric Alternative means of fuel and along the pathway of Lithium and Rare Earth Metals is a new theory of Hydrogen powered Fuel Cells! Currently Price is at $2.52, struggling with a Local Resistance Level after Price reached a new 4-Year Low @ $1.60, close to All Time Low @ .1155 visited in Jan. 2013. With the tight consolidation underneath the Falling Resistance followed with a Break candle and Close candle Above of the Falling Resistance, Confirms a Valid Break of said Falling Resistance and indicates Bullish Sentiment entering the market. -Now, we must wait to see if Price decides to retest the Break of Falling Resistance around ( $2.25 - $2.20 ) and if Supported successfully, would generate a great Buying Opportunity! -If Price does found Support here, I suspect Price we will run into Resistance @ ( $3.55 - $ 3.22 ) then will aim for the Fair Value Gap formed @ ( $5.58 - $5.14 ) Indicators: - RSI Crossing 50 - Large Bullish Volume
NASDAQ:PLUGLong
by Novi_Fibonacci
PLUG Potential Bottom Plug Power Inc. is an American company specializing in the development of hydrogen fuel cell systems and related technologies. Established in 1997 and headquartered in Latham, New York, Plug Power focuses on creating solutions for the production, storage, and distribution of green hydrogen. The company's technologies are designed to replace conventional batteries in electric-powered equipment and vehicles, particularly in logistics and transportation industries. Additionally, it is building an ecosystem for green hydrogen production and distribution to support industries such as e-mobility and renewable energy. The company has gained attention as a leader in the transition to clean energy, with strategic partnerships and expansions in global markets as part of its growth strategy. Looking through the technicals, I have split up the chart in ranges to give me an idea where major volume steps in to move the stock.At the moment, we can notice that we are bouncing from the previous range POC, which is the largest amount of volume traded in the stock at approx $1.96. We can also see the volume at the bottom of my chart starting to curl to the upside, which may indicate that the bottom is either reached or close to being reached. I like the idea of holding the POC as a reversal point, and potentially rotate back to the highs at $65. Albiet, it could be quite a while before that point is reached, so I will take a set it and forget it approach for this trade with small capital and small risk. There are several other reasons why Plug Power (PLUG) has potential for growth, based on its business model, industry trends, and market position: 1. Expanding Green Hydrogen Market The global shift toward renewable energy and decarbonization positions Plug Power favorably as a leader in green hydrogen technology. Hydrogen is increasingly recognized as a key component of the clean energy mix, especially for hard-to-decarbonize sectors like heavy industry, aviation, and shipping. 2. Strategic Partnerships Plug Power has established partnerships with major companies such as Amazon, Walmart, and Airbus, which could help drive revenue growth and expand its market presence. Collaborations with international energy firms bolster its global hydrogen infrastructure footprint. 3. Growing Demand for Fuel Cell Technology Plug Power’s hydrogen fuel cells offer advantages like faster refueling times and longer operational durations compared to traditional batteries, making them attractive in logistics and transportation. The company is well-positioned to benefit from increased adoption of hydrogen fuel cells in sectors like material handling (e.g., forklifts) and commercial vehicles. 4. Government Support for Clean Energy Policies and incentives in the U.S. (e.g., the Inflation Reduction Act) and other countries support green hydrogen production, making Plug Power eligible for tax credits and funding. The EU and other regions are investing heavily in hydrogen to meet climate goals, creating a favorable policy environment. 5. Vertical Integration Plug Power is not only producing hydrogen fuel cells but also building an integrated hydrogen ecosystem, including production, storage, and distribution infrastructure. This end-to-end approach allows the company to capture value across the hydrogen supply chain and ensures long-term competitive advantages. 6. Recent Financial Commitments and Growth Plans Plug Power has invested heavily in scaling up its hydrogen production capacity, targeting 500 tons per day of green hydrogen by 2025. This could significantly boost revenues. The company projects aggressive revenue growth over the next few years, aiming to expand its presence in emerging markets. 7. Global Expansion Plug Power is pursuing international expansion in Europe and Asia, both of which are prioritizing hydrogen adoption as part of their energy transitions. Risks to Consider: While the growth potential is strong, risks like execution challenges, high capital expenditures, competition, and the volatility of hydrogen adoption rates should be monitored. In summary, Plug Power’s potential lies in its leadership position in the growing hydrogen economy, coupled with supportive global trends and strategic investments. If it executes well on its growth strategies, the company could see significant upside.
NASDAQ:PLUGLong
by afurs1
4
Taking trade in Plug based on technical and value signalsTechnical- seeing buying sign in volume and crossing significant moving averages. Deep Value- current below tangible book value, meaning there are more hard assets and cash on the books than the stock price reflects. Earnings power- stock loses money for a handful of year before it breaks even, but on a 10 year view it become profitable, giving an exit if stock doesnt rise in short term. Typically on tangible book value plays, id look for a 2x with small odds of more. Ideally I will sell half at 2x and keep the remainder 1/2 for free for long term.
NASDAQ:PLUGLong
by ValuePig
3
$PLUG POWER INC * TC FIB EWP BIMONTHLY TF ANALYSISGolden 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).
NASDAQ:PLUG
by Anakyn
5
Plug Power Inc.: Potential Turnaround .Plug Power Inc. has recently exhibited several promising technical indicators suggesting potential short-term upside. Currently trading at $2.69 with a pre-market increase to $2.71, Plug Power is showing a neutral RSI (Relative Strength Index) of 51.44, indicating it is neither overbought nor oversold. This neutral position often precedes significant price movements as the market decides on the stock's direction. Plug Power has experienced a substantial decline over the past year, down 75.63%, but recent developments have sparked optimism. The stock is currently supported at the $2.55 level, with further support around $2.26, as identified by Fibonacci and pivot point analysis. Resistance is seen at $2.73, followed by stronger resistance at $3.20 and $3.50. Breaking above these levels could lead to a test of the $4.00 mark, which aligns with the 200-day moving average. RSI (14): 51.44 (Neutral) MACD (12, 26): -0.10 (Buy signal) Momentum (10): 0.33 (Buy signal) Stochastic %K (14, 3, 3): 81.45 (Neutral) The MACD and Momentum indicators showing buy signals suggest a potential upward move. The Awesome Oscillator is neutral at -0.27, while other oscillators like the Stochastic RSI Fast indicate a neutral stance at 94.85. The short-term moving averages (10 and 20-day EMAs) indicate a buying opportunity, while longer-term averages still suggest a bearish trend. This divergence often points to a potential reversal, especially if short-term averages continue to rise. Plug Power has made significant strides in the green hydrogen market, including new contracts for engineering and design packages in Europe and the U.S. Their recent partnership for a phased project featuring up to 2 GW of electrolyzer capacity enhances its growth prospects. 1-Year Price Target: $4.68 (74.13% upside) Revenue Estimate Q3 2023: $222.16M (Previous: $198.71M) EPS Estimate Q3 2023: -$0.33 (Previous: -$0.46) The company has faced challenges with its EPS, consistently reporting lower than estimates, but the revenue growth indicates increasing market adoption of its hydrogen solutions. Long Position: Entry Point: $2.55 - $2.60 (current support levels) Target Price: $3.20 (R1), $3.97 (R2) Stop Loss: $2.25 (below S1) Short Position (If support fails): Entry Point: Below $2.50 Target Price: $1.91 (S1), $1.49 (S2) Stop Loss: $2.75 (above P pivot) Plug Power's current technical setup, coupled with its strategic initiatives in the hydrogen market, suggests a potential for short-term gains. With key support levels holding and buy signals from critical indicators, a speculative price target of $3.20 in the near term seems plausible. Investors should watch for a breakout above $2.73 to confirm upward momentum.
NASDAQ:PLUGLong
by AxiomEx
3