PLUG: Key Points to keep in mind!Hello traders and investors! Let’s analyze PLUG today! I never did a public analysis about it, so, it’ll be my first time here.
First, we have a quite strong bull trend in the hourly chart, and we have some key points to keep in mind. The black line is an interesting point, as it was a resistance in the past, and a pivot point , so it is a good support candidate if PLUG corrects. Also, we have the 21 ema pointing up, which is another good sign.
We have a classic Breakaway Gap , which was the trigger of this movement. This tells me that the bull trend will persist a little longer, but we can’t discard that it’ll do pullbacks in the future. If you are afraid of a pullback, just look the daily chart:
Ok, so we can see the $ 46.95 from here too, but if PLUG loses this point and drops more, we’ll have a strong support area near the purple line region and the 21 ema. If PLUG hit there, I think this would be just an opportunity to buy (or buy more).
I know we may have an Evening Doji Star candlestick pattern if it closes this way, but again, if triggered, this would be a pullback sign, not a reversal sign.
Another thing to keep in mind is the high volume during this bullish leg, which is another good sign. This bull trend is real, so, pullbacks shouldn’t scare anyone around. If this movement had low volume, then it would be just speculation.
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Thank you very much.
