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PLUG Rallied Higher on Deal Confusion, Potential 10% Gain Tomorrow

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New Deal Confusion

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PLUG rallied nearly 7% higher today to $6.89 which reversed some of the overreaction yesterday regarding PLUG's new deal. Yesterday, the stock plunged over 20% when CEO Andy Marsh clarified his most recent statement about a new deal. The new deal was actually previously announced on March 13.

Street.com Fundamental Opinion

The Street.com went on to reiterate its D rating on PLUG driven by a few notable weaknesses. They cite deteriorating net income, weak operating cash flow, and the fact the stock is up 2958% compared to the closing price a year ago as reasons to sell.

Technicals Say Potential 10% Gain Tomorrow

Despite the apparent weak fundamentals and the confusion regarding the deal, the short term charts are pointing to a strong rally. More specifically, the technicals are pointing to a 10% gain tomorrow if the inverse head and shoulders pattern breaks to the upside. A strong break above the $7.00 neckline should take prices as high as $7.60-$7.70 per share.

Swing Traders May See $10.50 in Near Future

Day traders should place a stop loss just under the lows of the left and right shoulder of the pattern. If this break out occurs tomorrow, then an even larger pattern could take prices as high as $10.50 per share as seen on the charts. Short term traders willing to take the risk could see a 10% gain tomorrow and a 50% gain in the near future.

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