Market Blog Technical Analysis

Great breakout move on strong volume surge for Plug Power

Antonio’s Perspective

Plug Power Inc (NASDAQ:PLUG) after nearly two weeks of consolidation in the 2-2.19 area, broke out today, up 18 cents, or 8.78% on decent volume. This consolidation break to the upside confirms a short-term trend reversal and the beginning of new momentum, which could move the stock above its two-month high in the 2.5 area.
Daily technical indicators are in bullish zones. The MACD indicator is rising above its signal line in positive territory. The relative strength index (RSI) is also rising and above its 50% level. All major daily EMAs are moving up and the stock is trading above them. Bulls seem to be in full control.

The Stockal Indicators

Plug Power Alternative Indicators

Confidence Meter of 69% shows a general mid-to-long-term bullishness from the Wall Street analyst community. Uptakes on Sentiment and Social Media Pulse are signals of short-term positivity on part of investors and trader community for PLUG.

This is a guest post by  António Costa, acclaimed trader and the popular author of AC Investor Blog.  All views and analysis belong to the author.

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António Costa
I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I write guest posts for Stockal to share my thoughts about capital, risk management, and trading. My posts contains only my personal opinion and are provided for informational purposes only.

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