Plug Power's Stock Climbs As Tesla, FuelCell Energy Push The EV Sector

Plug Power Inc. PLUG shares were trading higher Monday amid increased bullish sentiment in the electric vehicle and clean energy sectors. Tesla Inc. TSLA shares are moving after CEO Elon Musk said this week is going to be the company’s “most intense delivery week ever.” Fuelcell Energy Inc. FCEL is pushing the EV sector higher after California Gov. Gavin Newsom signed Senate Bill 155, including a two-year extension of the Fuel Cell net Energy Metering program, known as Fuel Cell NEM.

Plug Power shares gained 5.3% Monday, closing at $28.40. 

Plug Power Daily Chart Analysis

• Shares are nearing resistance in what technical traders call a sideways channel. The $30 level has held as resistance in the past for the stock and may continue to in the future.
• The $19 level is an area where the stock has found support in the past. This level once held as resistance, but later turned into support after the stock couldn’t cross back below the level. This level may continue to hold as support in the future.
• The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock is likely in a period of consolidation.
• The 50-day moving average may hold as a place of support, while the stock may find resistance near the 200-day moving average.
• The Relative Strength Index (RSI) has been pushing higher and now sits at 61. This shows that buying pressure in the stock has steadily been increasing in recent weeks.

See Also: Why FuelCell Shares Are Rising

Related Link: A Technical Look At Tesla Stock As Musk Calls For 'Most Intense Delivery Week Ever'

What’s Next For Plug Power?

Bullish traders are looking to see the stock continue to push higher, forming higher lows until the stock can break above resistance. If the stock can break above resistance and begin to hold it as support, then the stock may be ready to make another bullish push higher.

Bears are looking to see the stock get rejected at the $30 resistance level and start to fall back toward support. Bears are then hoping to see the stock break below the $19 level and hold it as resistance for a possible further bearish push in the future.