PLUG Power volume based analysis - 3 targets before 80$ and more

2021年1月15日

This is a volume-based analysis on Plug Power PLUG.
The stock went parabolic (again) and had an impulse wave for the 7 trading sessions and reached 73.90 as 52W highest high. PLUG stock has a lot of” buzz” at the moment and it’s just resting before another wave to 82$ at the end of it. Now the PLUG is giving some gains back and closed on 60.14, but this is far from over. So the volume shows that we have a lot more upside.
Volume:
PLUG 3 months Avg volume per session: 40.66M
PLUG volume surge -the beginning of impulse wave (1.7): 100M
PLUG volume peak -day of 52W (1.13): 142M
According to the volume, I set 3 targets:
Target 1:
stock can retreat to the 52$ line, and then converge 52.5$-60$ (Accumulation).


Target 2:
Accumulation ends, stock rallies breakthrough 61$ to the 67$ line.

Target 3:
From 67.8$ to 72.5$ there is convergence again – the area needs to be tested.

Target4:
Break 74$ (h/h) and start a new cycle.


The stock has a target price of 85$, and it can easily happen, considering these market conditions but I think the stock will start moving much slower above the 70$ line, buyers will become more hesitant and PLUG will need to “park” there for a while.

All things considered, we are very bullish on the company and even 100$+ is achievable, all a question of how long you are willing to wait 😊

Happy Weekend stay safe.