What to watch out for on the Plug Power stock chart

Power socket inc. PLUG shares traded slightly higher on Monday and trended throughout the day on social media sites.

Plug Power closed up 0.21% at $24.21

Plug Power daily chart analysis

  • The shares failed to break above the resistance and move up and slowly fell on the trendline and fell towards the support in a sideways channel.
  • The $30 price level held up for some time before the action saw a breakout and later moved back below the level. The stock then found support near the $19 level and started rising towards the $30 resistance level, but was unable to break back above the level.
  • The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating that sentiment towards the stock has been bearish.
  • Each of these moving averages may be a possible resistance area in the future.
  • The Relative Strength Index (RSI) has been trading sideways below the middle line and stands at 39. This shows that there has been more selling pressure in the market than buying pressure during the course. of the last few weeks.

What’s next for plug-in power?

Bullish traders are looking to see the stock rebound and move up towards resistance. Then the bulls would like to see the resistance level break and the stock push higher. The bulls are then looking for consolidation above the resistance level for a possible further push higher.

The bears are looking to see the stock continue lower and break below the possible $19 support level. If this level can become a resistance level, or an area where the stock is struggling to get back above it, then it may see a further bearish push.

Karen J. Nelson