What To Watch For On Plug Power's Stock Chart

Plug Power Inc. PLUG shares traded slightly higher Monday and were trending throughout the day on social media sites.

Plug Power closed up 0.21% at $24.21

Plug Power Daily Chart Analysis

• Shares failed to break above resistance and move higher and have been slowly trendline lower and falling toward support in a sideways channel.
• The $30 price level held as resistance for a time before the stock saw a breakout and later fell back below the level. The stock then found support near the $19 level and started heading back higher toward the $30 resistance level, but was unable to break back above the level.
• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock has been bearish.
• Each of these moving averages may hold as a possible area of resistance in the future.
• The Relative Strength Index (RSI) has been trading sideways below the middle line and sits at 39. This shows there has been more selling pressure in the market than buying pressure the last few weeks.

What’s Next For Plug Power?

Bullish traders are looking to see the stock bounce and start heading back higher toward resistance. Then bulls would like to see the resistance level break and for the stock to push upward. Bulls are then looking for consolidation above the resistance level for a possible further push upward.

Bears are looking to see the stock keep fading lower and break below the possible $19 support level. If this level can become a resistance level, or an area where the stock struggles to cross back above, it may then see a further bearish push.