• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Plug Power Inc (NASDAQ:PLUG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Plug Power Inc (NASDAQ:PLUG) based on the price action in the company's shares. Yesterday's price range of $2.44 and $2.61 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Plug Power Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Plug Power Inc has overhead space with shares priced $2.54, or 23.0% below the average consensus analyst price target of $3.30. Plug Power Inc shares have support at the 200-day moving average (MA) of $1.79 and additional support at the 50-day MA of $1.70.

Plug Power Inc share prices have moved between a 52-week high of $2.65 and a 52-week low of $0.99 and closed yesterday at 157% above that low price at $2.54 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.4% while the 200-day MA has risen 0.7%.

Plug Power, Inc. designs, develops, manufactures and commercializes fuel cell systems for electric lift trucks and materials handling equipment. The Company offers its products globally to retail, grocery, and institutional food distribution centers, as well as manufacturing facilities.

SmarTrend recommended that subscribers consider buying shares of Plug Power Inc on December 27th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.31. Since that recommendation, shares of Plug Power Inc have risen 100.0%. We continue to monitor PLUG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle plug power inc

Ticker(s): PLUG