Plug Power (PLUG)

Apr 6, 2021Trade Ideas

On March 31, we highlighted opportunity in the ChargePoint (CHPT) stock, as It traded at $29.52, and the CHPT August 20, 2021 30 calls. With the stock up on $3.15 on Tuesday afternoon, both positions should be doing well. If CHPT can break above resistance at its 50-day moving average, it could test $42.50.

As for new opportunities, take a look at Plug Power (PLUG).

After pulling back on an accounting issue, the stock found strong support around $35. RSI, MACD, and Williams’ %R are all deep in oversold territory, too.

In addition, we have to remember that many countries and businesses want to switch to net zero carbon emissions, which should be great news for hydrogen. In fact, supported by the global shift of regulators, investors and consumers toward decarbonization, hydrogen is already receiving unprecedented interest and investments.

With that, we’d like to see PLUG back to $45 again near-term.

Investors can buy the stock up to $38. We have an initial target of $45, and a longer-term target price of $60. Set a stop loss at $32.

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