PLUG rises out of retracement of previous uptrend
Updated
PLUG on the 4H chart presents healthy price action. It uptrended for a month starting
in mid-May and then completed a 50% Fibonacci retracement from which it pivoted on
Tuesday, June 27th. The zero-lag MACD shows a classical cross of lines under the histogram
while the histogram was changing from negative to positive. Likewise, the RSI bottomed out
at 32 and ascended to 55. All things pointing toward a well-established reversal, I will
open a long trade here targeting the previous pivot high of 11.75 ( a tweezer top) on
June 14th. The stop loss is 9.8 at the level of the pivot highs of June 7th. The trade potentially
offers 15% profit in a week or two with minimal risk.
in mid-May and then completed a 50% Fibonacci retracement from which it pivoted on
Tuesday, June 27th. The zero-lag MACD shows a classical cross of lines under the histogram
while the histogram was changing from negative to positive. Likewise, the RSI bottomed out
at 32 and ascended to 55. All things pointing toward a well-established reversal, I will
open a long trade here targeting the previous pivot high of 11.75 ( a tweezer top) on
June 14th. The stop loss is 9.8 at the level of the pivot highs of June 7th. The trade potentially
offers 15% profit in a week or two with minimal risk.
Trade active
PLUG moved well today which was a sideways day for the general market typical of a Friday and so stronger than the general market. Looking for more next week.Holding the full position.
Trade active
Price up 8% for the week not as much as expected but the general market was sideways so overall okay. Keeping full position for now.
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