PLUG Bounced from Key Level Five Times!
PLUG bounced from the key level 18.47 5x's! The most recent bounce occurred on July 8, 2022. Previous bounces from the key level occurred on the following dates- February 24, 2022, January 31, 2022, May 11, 2021, November 9, 2020.
Identified patterns include- "Double Bottom" pattern inside of a "Falling Wedge"
IMO PLUG looks good for a swing to the upside. It has strong potential to build (especially if it breaks the upper trendline on the chart). You can trade this one 2 ways. The first way is trade it to the upside with the break of the neckline (the neckline broke recently). If PLUG closes above the neckline, I will enter a swing today with next week's contract. The other play would be to wait for a break above the upper trendline.
Expected move- Max move to approx. level 25. Measurement from bottom to neckline is approx. 6. Therefore, a measurement from neckline up ($6 move) is about 25.
PLUG is a stock I typically don't trade but I will "plug it in, plug it in" (if you remember the old Circuit City commercials comment below lol) on my watchlist! This stock will be a fun one to swing and trade next week. I started a small swing position (20 C 22 JUL 22) on it yesterday (Friday, July 9, 2022) with an average fill price at 1.05.
Plug it in,
MrALtrades00
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