Hydrogen as part of the clean energy story, is a supporting cast in the whole story. Nuclear, solar and wind are other part of the conversation. Plug Power is slowly proving itself as a viable option as more project wins come in. It is now a real solution rather than just speculative prospect.
Next, we look at its price action from its chart. The share price of Plug Power has been moving nicely in this uptrend time period.
After hitting a low of $1.72 around February to March period, Plug Power has turned upwards! The share price hits a recent high of $4.31, closing in on the 52 weeks high of $4.58 formed in October last year. There's encouraging sign of a cup formation. Will there be a handle to follow this? We will wait and see. Looking at secondary charts, RSI and MACD are both looking promising as both are in uptrends too. However I have been concerned about its volume, which did not see heightened participation. Shorts volume have also been consistent. The open shorts interest has been similar throughout this time. Having said that, shorts interest in Plug Power has always been relatively strong with the trading community. However, shorts squeeze seems unlikely at this stage.
With Plug Power winning data centre projects, will Plug Power caught the AI bug đ and fly 𪰠along? That is the question đ I have been patiently waiting to find out. Has Plug Power perhaps đ¤ overrun its own fundamental? Maybe... if we come from a strictly valuation point of view. However, if we assess its potential via a aka $Dell Technologies Inc.(DELL)$ or $Bloom Energy Corp(BE)$ promising and prospective, or simply $Tesla Motors(TSLA)$ or SpaceX imaginary valuation, yup, Plug Power is no doubt super undervalued and underrated.
Correction might sets in with the formation of a handle. If indeed so, as long as the uptrebd line remains intact, which I believe will be from those secondary charts indicators, a target of $7 and above is not beyond its short to mid term capability!
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