The Plug Power $Plug Power(PLUG)$ stock price fell by -6.48% on Thursday, 6th Jul 2023 from $10.64 to $9.95. During the last trading day the stock fluctuated 6.93% from a day low at $9.81 to a day high of $10.49. The price has been going up and down for this period, and there has been a 0.71% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 34 million shares were bought and sold for approximately $338.44 million.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 12.12% during the next 3 months and, with a 90% probability hold a price between $9.20 and $12.57 at the end of this 3-month period.

PLUG Signals & Forecast

The Plug Power stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $10.00. On a fall, the stock will find some support from the long-term average at approximately $9.29. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, July 05, 2023, and so far it has fallen -6.48%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Plug Power stock

On the downside, the stock finds support just below today's level from accumulated volume at $8.83 and $8.32. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Plug Power finds support just below today's level at $8.83. If this is broken, then the next support from accumulated volume will be at $8.32 and $8.01.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.680 between high and low, or 6.93%. For the last week, the stock has had daily average volatility of 7.24%.

Our recommended stop-loss: $9.34 (-6.18%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (PLUG) For The Trading Day Of Friday 7th

For the trading day on Friday, 7th we expect Plug Power to open at $10.08, and during the day (based on 14 day Average True Range), to move between $9.29 and $10.61, which gives a possible trading interval of +/-$0.665 (+/-6.68%) up or down from last closing price. If Plug Power takes out the full calculated possible swing range there will be an estimated 13.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $10.37 (4.22%) than the support at $8.83 (11.26%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Insiders are positive buying more shares than they are selling in Plug Power

In the last 100 trades there were 6.23 million shares bought and 2.7 million shares sold. The last trade was made 10 days ago by Silver Jonathan M who bough 12.15 thousand shares. The large amount of stocks bought compared to stocks sold indicate that the insiders believe there is a potential good upside. In some cases larger purchases can be explained by due date for stock options.

Is Plug Power stock A Buy?

Plug Power holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.