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AwesomeAvani
Feb 7, 2024 5:03 PM

PLUG set up on support for Long Entry Long

NASDAQ:PLUG60
Plug Power, Inc.NASDAQ

Description

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PLUG is on a 60 minute chart ascending in a relatively parallel channel and oscillating within

it. Price has cycled into the lower thick green support trendline. A falling wedge pattern is seen

It is now on its second touch of the support. PLUG has gained 75% in three weeks. As a green

energy small cap, it is sharing an uptrend with FCEL, QS and others.

I find PLUG properly situated to add to my position taking a trade of more shares long. I call it

buying a fall into support and buying a falling wedge set up for a breakout ( again).

Yesterday a successful put option scalp provided profit to redeploy here. I will roll over

options expiring February 16th into March 16th. The monthly call contracts have the narrower

spreads and better liquidity from volume.

Trade active

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Running sideways. Patiently holding the full position.

Trade active

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Another day of consolidation. Crypto plays and tech earnings are getting the attention. Patiently holding the full position into the upcoming week.

Comment

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Watching PLUG retrace the up trend and expecting a reversal to more upside soon.

Support and ResistanceWedgePLUGFCELQSalterativeenergygreenenergywedgebreakoutsupportbouncetrendlinesmattermomentumstrategy
Comments
ramaska4all
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its still long ^^^^????
AwesomeAvani
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@ramaska4all, it is in a correction at the moment - in the big picture it is forming a "W" pattern AKA
"reverse cowgirl" which is bullish. I consider a correction a window of opportunity for an entry or add
to an exiting position in my case- so that said, YES it is.



Exit when on the 3hr to daily chart shows price going down to the SMA 20 or EMA 14 for instance. Trade often if you trade well.
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