Plug Power Inc. (PLUG) stock price gained 3.88% intraday on Tuesday showing bulls accumulating at the lower levels to form a base. The analysts offering a 1-year price forecast for Plug Power Inc. are super bullish over the stock price with a maximum potential of 839% to the upside that could lead the price to $78. Moreover, the analysts expect a drawdown of 9.64% which could drag the price to a low of $7.70.
Moreover, the price analysis over the daily chart shows that the price witnessed a bullish momentum after the last quarterly results. The earnings triggered a buying sentiment and the price surged higher forming an inverted head and shoulder pattern.
However, the upward momentum of the stock was halted by the 200-EMA at $13.44. Thereafter, sellers dominated the trend and halted the further upward trajectory leading to the formation of double top. The price declined which was further fueled by the recent quarterly earnings as the company missed the Wall Street estimates.
PLUG stock option-chain analysis states that the current implied volatility in the market is 60.37% with a decrement of 0.11% in the last trading session. The at-the-money strike price has 3,424 open contracts on the PUT side and 7,209 open contracts on the CALL side indicating the dominance of buyers at the current level.
PLUG Stock Price Daily Chart Shows Bulls Regaining Control
Currently, the buyers seem to be accumulating near the previous low to form a base. The breakout of this may initiate a surge and the price may experience long-term trend shift. The price currently trades at $8.30 with an intraday gain of 3.88% on Tuesday, September 12th.
Power Plug Inc. engages in alternative energy technology which focuses on the design, development, and manufacture of hydrogen and fuel cell systems used primarily for material holdings and stationary power markets.
Technical Indicators Show an Average Outlook
The daily PLUG stock price chart shows that the price trades below the 50-day EMA indicating the dominance of sellers at the moment. The overall technical opinion rating including RSI and MACD signals an 80% “buy” with a weakening short-term outlook in maintaining the current direction.
Conclusion
Plug Power Inc. is an alternative energy company that makes hydrogen and fuel cell systems. The PLUG stock price rose 3.88% on Tuesday after the analysts predicted a huge upside potential of 839%. The price has been volatile since the last quarterly results, forming an inverted head and shoulder pattern and a double top. PLUG price is now near the previous low where buyers are accumulating to form a base. The price may break out of the range and change the long-term trend. The price currently trades at $8.30.
Technical Levels
- Support levels: $7.39 and $6.52
- Resistance levels: $9.34 and $10.64
