Plug Power Inc. (NASDAQ:PLUG) is trading higher Friday, up 3.8% to $27.08 at publication time.
Below is a technical look at the chart.
Plug Power Daily Chart Analysis
- The stock is trading below the 50-day moving average (green).
- The stock recently crossed below the 200-day moving average (blue), indicating the bearish sentiment in the stock.
- These moving averages may hold as resistance in the future.
See Also: Here's Why FuelCell, Plug Power And Workhorse Are Moving
Key Levels To Watch
- The stock looks to be forming into a falling wedge pattern.
- The line connecting the highs is a potential resistance and the line connecting the lows may act as support.
- This bullish reversal pattern could have the stock seeing a trend change if it's able to cross above the line connecting the highs.
What’s Next?
- Bullish technical traders would like to see the stock break over the resistance line. A break above this level with consolidation may let the stock see a further push upwards.
- Bearish technical traders would like to see the stock fail to hold the support levels. Bears would like to see the stock continue to stay below the moving averages.
