What a beautiful week for Plug Power! Continuous bullish momentum and a break above the upper trend line (green line) at $22.00 with no retracements yet. Can we see new highs in the coming weeks at price targets such as $30?
@sekko A retrace could indeed be very possible (just by looking already at the RSI). However, the number of institutional investors is increasing. Coming week will be very interesting to see where PLUG is going to.
Aflyinghippo
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It's still hovering around the Upper trend line - I wouldn't for sure consider it to be in safe territory. Has to prove that $22 is reliable support.
djaanos
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@Aflyinghippo, True that. The RSI is on a critical level and a retracement can be expected, according to the TA. However, PLUG institutional ownership is increasing. Next week will be an interesting week. Support at $22.00 would be excellent, but even support at $19.00 would already be great (October resistance will be new support).
InvestEmi
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@djaanos, following up on our discussion on your previous post, I'd chip in saying this is definitely the most likely case scenario.. would love to see some price consolidation around $22, but we will most likely see a drop down to the low 19S within the next week or so.. just need to take some froth out of that RSI and give MAs a time to catch up. Thanks for the charts @djaanos , keep up the good work!