We last reviewed Plug Power (PLUG) on Aug. 3 ahead of earnings here. We wrote that, "PLUG could get a bounce to the upside if analysts like the numbers, but the risk is for further weakness and a test of the May low." Well, the shares declined the balance of August and turned sideways.
Let's check in on the charts again.
In the updated daily bar chart of PLUG, below, we can see that traders have been buying dips to the $25 area the past few months. Prices have edged above the declining 50-day moving average line and also trade below the declining 200-day line.
The trading volume shows an increase in September and the On-Balance-Volume (OBV) line has quietly improved since early August. A rising OBV line tells us that buyers of PLUG are being more aggressive.
The Moving Average Convergence Divergence (MACD) oscillator looks ready to cross above the zero line for a buy signal.