VPA Chart Of The Week: PLUG Power
Anna Coulling | May 22, 2022 12:22AM ET
My VPA chart for this week is Plug Power (NASDAQ:PLUG) as it offers us a number of VPA lessons which you can see on the annotated charts.
And you may spot some yourselves. In addition, the stock appears to be holding up well in the current market meltdown attracting a lot of volume to news PLUG has an order to supply a one gigawatt electrolyzer to H2 Energy Europe, a company that builds fuel cell solutions and hydrogen infrastructure.
However, as I mention in my video analysis of this stock (link below) the buying came in before the release of the news and after the waterfall on the daily chart.
There is also an interesting backstory to PLUG as the stock has also been the subject of a spectacular ‘pump & dump’ following a long period of consolidation which we can see on the monthly chart along with a minor version.
These cynical trap moves are so obvious once traders and investors understand the relationship between the price action and volume.
My video analysis covers the above along with the upside levels PLUG must now navigate if it is to progress higher.
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