PLUG Power's Echo from 2020: A Technical Analysis 📈

BATS:PLUG   Plug Power, Inc.
In 2020, PLUG Power showcased a notable pattern formation—a symmetrical triangle accompanied by a diamond bullish shape. This setup culminated in a remarkable price surge post-breakout. Fast forward to now, and we're witnessing a similar scenario unfold

Key Observations:

RSI Dynamics: The RSI is currently sculpting a falling wedge, indicating a potential breakout on the horizon.

Price Trajectory: My forecast sets the price zone target at $12. However, a more immediate and realistic target lies above the $7 zone, marking my primary focus.
Symmetrical Triangle Breakout: Anticipate a significant momentum shift once we breach the symmetrical triangle. This move is poised to be momentous, steering clear of the downward pull towards $2.68.

Gap Analysis: Historically, PLUG has demonstrated the 'all gaps must be filled' principle, with a pivotal gap closure at $3.08. Upcoming targets include gap fills at $5.86, $8, and $10.7.

Market Sentiment & Future Outlook:
The global shift towards Green Hydrogen is gaining momentum, with PLUG Power leading the charge. This presents a golden window of opportunity to 'ride the wave' before it crests.

Please note, that my insights are based on technical analysis and market observations. I am not a financial advisor. Always conduct your own research before making investment decisions.
I've sold all my PLUG shares once we closed below 3.24$ as the outlook appears bearish, with expectations that it may head towards $2.60 to close the gap, and possibly even drop to the $1.85 level. I'm expecting it to reach the $2.60 level.
As I mentioned, PLUG is more likely to drop to around $2.6. Technically speaking, we failed to break out of the falling wedge, indicating we are heading toward the $1.8 zone.

PS: Not a financial advisor
For long-term investment, PLUG currently offers the best price, but adding a stop-loss at $2.6 is a wise decision. However, if the price drops, it might even fall to $1.85. At the moment, PLUG has no clear bottom unless we break the downtrend
PLUG is showing a bearish trend, and I'm eyeing a long entry at $1.40. As I said, breaking below $3.24 has led us to key levels at $1.87 and $1.40 1.618 Fibonacci level


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