$PLUG showing signs of life?

$PLUG showing signs of life?


May 2023


Alex Cole

$PLUG has suffered a significant price drop over the last several months.

A "NoGo" trend took hold in February and has not relinquished its grip on the renewable energy company.  After hitting another new low about a week ago price has rallied a little from those levels and is threatening to make a slightly higher high.  To be clear, it hasn't happened yet, and the weight of the evidence shows GoNoGo Trend painting "NoGo" bars, albeit weaker pink ones.  But, price has moved above the resistance from a downward sloping trend line and GoNoGo Oscillator in a first sign of constructive action.  We will now watch the GoNoGo Oscillator as it tests the zero line from below.  If it is rejected at this level, look for price to roll over and the "NoGo" to continue.  A break into positive territory for the oscillator would tell us that momentum is no longer on the side of the "NoGo" and we may see further positive price action.