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- 1 PLUG stock price fell 10% and broke the crucial support of $7.00.
- 2 Plug Power stock price hit a 52-week low.
- 3 Plug Power Inc. stock price is in a strong downtrend.
PLUG stock price fell approximately 10% in the previous session and began October with a bearish bias. It broke down the crucial support of $7.00 and hit a 52-week low.
Plug Power stock price is in a downtrend and continues to decline by forming lower low swings. It formed a bearish pattern and the dominance of sellers is visible as well. In August, Plug Power stock slipped below $10.00 due to disappointment in the quarterly earnings. It triggered the negative sentiment and invited further decline.
At the same time, the rise in the selling volume is visible. It indicates that some big players may have turned bearish and exited from the higher levels.
The 50-day and 200-day EMA is sloping downward confirming the downtrend. However, the current price is trading far away from the 50-day EMA. So, a minor pullback rally may trigger any time to clear out the short positions.
PLUG stock price looks oversold and is near the demand zone. So, it will be risky to create fresh short positions. Currently, the stock price closed the previous session at $6.83 with an intraday decline of 10.20%.
Will PLUG Stock Price Decline Further in October?
PLUG stock price is in a correction phase and no signs of upward reversal are visible in the stock.
Short-term pullback is facing difficulty on higher levels indicating that the sellers are active. Therefore, till Plug Power share price is trading below $10, the reliability of any minor up move will remain doubtful.
However, if buyers show a surprising rally and succeed in breaking the $10.00 hurdle, then one might see a short-term trend reversal.
The current price action of Plug Power stock is bearish so the possibility of more downside is high. The analysis suggests investors must be careful and avoid investing money at current levels.
Plug Power Stock Price Down by 44% on YTD; What Next?
Plug Power stock price is down by 44% on a YTD basis. It formed a bearish pattern on a daily, weekly, and monthly time frame which raised concern for its long-term investors.
Meanwhile, the broader market indices and EV sector stocks are reversing down and look bearish for October. Therefore, it may impact the PLUG stock in the coming months.
The MACD curve is below the zero line but slopes sideways indicating that minor consolidation is possible. However, the RSI at 29 denotes oversold territory due to which the risk of a squeeze is high.
Conclusion
PLUG stock price fell approximately 10% in the previous session and hit a 52-week low. The price pattern of the stock is bearish on multiple time frames. Therefore, Plug Power stock price may decline further in October.
Technical Levels
- Resistance levels: $9.79 and $13.48
- Support levels: $6.00 and $5.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
