Plug Power, Inc.Updated PLUG | ABC correction ongoing
Hi all,
so PLUG looks like it is currently in wave A of an ABC correction after a blowout top. The overall market is definitely helping with the downside. I'm sure these next few days will flush out a lot of froth in these names.
- Price action broke down below what seemed a potentially bullish rising wedge, which had been forming for almost a month, signifying the start of the correction after the extremely strong move up in January;
- This really feels like it trying to retrace back and fill the huge 37$ - 40$ gap up from early January;
- PLUG's RSI hasn't been this low since March 2020 - should be on the lookout for bullish divergence with price for a turnaround
I am still very bullish on the name, would love to grab more shares ~38$ if I can.
Please comment your thoughts and good luck to all!
so PLUG looks like it is currently in wave A of an ABC correction after a blowout top. The overall market is definitely helping with the downside. I'm sure these next few days will flush out a lot of froth in these names.
- Price action broke down below what seemed a potentially bullish rising wedge, which had been forming for almost a month, signifying the start of the correction after the extremely strong move up in January;
- This really feels like it trying to retrace back and fill the huge 37$ - 40$ gap up from early January;
- PLUG's RSI hasn't been this low since March 2020 - should be on the lookout for bullish divergence with price for a turnaround
I am still very bullish on the name, would love to grab more shares ~38$ if I can.
Please comment your thoughts and good luck to all!
Note
If the $37 range holds today, we can assume the ABC correction is completeNote
Gap filled, retesting $37 range support today. Really curious to see whether this holds. Careful for the downside, next support may be as far down as 30$.Note
$37 range is really holding strong. Waiting on an indication of reversal to add to my positionNote
This was brutal jeez
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.