Bout to run off on the $PLUG $PLUG has earnings this week, Monday May 9th after the market closes. My sentiment for obvious reasons I hope.
$PLUG currently has a head and shoulders trading within a descending triangle on the daily and weekly. I kind of don't like the head and shoulders because the first shoulder doesn't touch the neckline but nonetheless There's also a small gap from 17.7 to 16.70ish on the daily. I think there's two things that are probably occurrences for $PLUG earnings.
1. Dependent on earnings report and macro market sentiment it could bounce to 24/25 area within or slightly outside of the top of the triangle.
2. Will breakdown outside the triangle on (another) missed earnings report and head towards small gap aforementioned above.
Price targets:
17.70
16.70
14
I plan to watch the price action on Monday to figure out when will be the best time to enter a trade. If we have a green day I'll wait until i feel like the peak has reached or if we're downtrending I will wait for confirmation on 5 and 15 minute time frames to confirm the trend. Obviously an earnings play so probably risking 3-5% max off my account.
