Shares of Plug Power (PLUG) are taking a beating today as investors sell the meteoric recent rise in the alternative energy player. The Plug Power stock chart analysis clearly signals further downside in the coming weeks as it has to work off its massive overbought situation. In just a week, Plug Power ran from below $35/share to above $70/share. Within two days, Plug Power has already fallen below $60/share. The Plug Power stock chart analysis signals a move back down to $35.00/share which would negate this move higher. Keep in mind, the stock was up already from $2.50/share as the lows of 2020 to $35/share. In other words, the $35.00 level is not only a retrace of the recent move, a major gap fill but also a 50% retrace of the move from $2.50 to the 52 week high of $74.00. As a swing trader, I will be patiently waiting for this level to buy for a 25-30% pop.
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