In the past few weeks, the sword of Damocles has flown over the US fuel cell manufacturer Plug Power. The company had discrepancies with its annual financial statements. In the worst case, there was even a risk of writing off. This issue was finally eliminated on Friday. As a result, the stock finished the trading week visibly in positive territory.
In the past week, there has been a lot of turmoil at Plug-Power’s share. The good quarterly numbers as well as the marked inconsistencies regarding the annual financial statements for 2020 gave a boost. Thanks to the influx of good news, the stock was able to exit the bullish trend that has been in progress since the beginning of February.
Previously, the newspaper was able to generate a buy signal by successfully testing the support area at $ 19.02 and $ 22.25. If the value manages to stay above the downtrend channel at $ 23.50 over the next few days, the likelihood of a trend reversal increases. In the short term, rates are then expected to hit the 200-day line at $ 29.86. If this mark is also broken, a recovery can be envisioned in the medium term.
Diagram from tradingview.com
Plug in dollar power
With the introduction of the revised annual report, management has succeeded in regaining a portion of the trust that had been lost. In the short term, brighten the chart again. As long as there is no new upward trend, the newcomers will stay on their feet.
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