Plug Stock: Will Plug Power stock recover in 2nd half of 2023

• Plug Stock Price (NASDAQ: PLUG) rose 10% in the current month and recovery still continued.
• The Plug Power Stock price trying to climb above the 50 day EMA to turn the short term trend.
• PLUG Power Inc missed EPS estimates but met the revenue estimate in quarter earnings.

Plug Stock Price (NASDAQ: PLUG) up by 10% in the current month and recovered 27% approx after hitting the 52 week low. From the beginning of February, Plug Power stock is continuously declining by forming lower low swings. 

Recently, In the mid of May Plug stock price took support near $7.37 and showing signs of trend reversal. 

Plug Stock price is trying to climb above the 50 day EMA to turn the short term trend in favor of bulls. If buyers succeed then we may see more upward momentum in coming weeks. 

Plug Stock is far away from the 200 day EMA shows downtrend on a positional basis. If pull back continues then higher timeframe EMA will act as strong resistance for the bulls. 

Plug Power Inc released the previous quarter earnings on May 9, 2023. It reported an EPS of -$0.35 and revenue of $210.286 Million. Whereas, the estimates are -$0.266 and $205.485 Million respectively. 

Plug company missed the EPS estimate by 31.81 but met the revenue estimate by 2.34%. Stock price fell 13% on a single day after earnings which shows the disappointment of the investors. 

Pull back rally possible in Plug Stock?

Plug Stock Price consolidated for a few weeks at the lower range and now it is showing some signs of reversal. 

Plug Power stock closed the previous sessions at $9.17 with an intraday decline of -3.68%. The market capitalization stands at $5.51 Billion. In the past few weeks, The surge in the buying volume is visible. 

It shows either the previous short positions are getting covered or some investors building long positions. The probability of V-shape recovery remains low but the buyers might try to test the $12.00. 

The price pattern of the plug stock is highly bearish and in downtrend. So, Pull back rally will face difficulty to sustain on the higher levels. The technical analysis suggests Plug stock will lack the bullish momentum and trade in the range between $8.00 to $12.00.

Will Plug Power stock perform in 2 half of 2023

Plug Power Stock price has not performed well in the past few months and disappointed the long term investors in terms of returns. 

Presently the broader market index Nasdaq composite is rising and broke out of the $13,000 hurdle. It improved the overall market sentiment which positively impacted the prices of Plug stock. 

The MACD curve is rising upward and displays a positive crossover. It indicates bullish momentum may continue for some more time. Well, the RSI at 54 denotes neutral territory and balance between buyers and sellers. 

Conclusion

Plug Stock Price (NASDAQ: PLUG) up by 10% in the current month. The buyers are trying the best to continue the bullish momentum. 

The technical analysis suggests, Plug Power stock is in downtrend so the bulls were likely to lack the momentum near $12.00. It might enter consolidation in the range between $8.00 to $12.00 for base formation.

Technical levels

Resistance levels: $10.00 and $12.00

Support levels: $7.37 and $6.00

Disclaimer

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