Shares of Plug Power (PLUG) are surging higher in early trading Thursday morning after it was reported that the South Korean company SK Group announced that it would invest $1.5 billion in the hydrogen fuel-cell manufacturer.
We looked at the charts of PLUG back on December 23rd and concluded that "Bullish traders will probably go on about how Congress passed the alternative fuel tax credit and what it could mean for stocks like PLUG, but this news could be discounted already in the price action. If you really believe that PLUG can leap still higher I recommend a sell stop at $31, but otherwise I would consider booking profits and significantly reduce your long exposure." 
Let's check on the charts again.
In this updated daily Japanese candlestick chart of PLUG, below, we can see that the price of PLUG pulled back in late December and would have stopped out longs as our sell stop was at $31. Prices were up sharply in pre-market activity. Prices are likely to make new highs for the move up. The slopes of both the 50-day moving average line and the 200-day moving average line are positive but prices are more than twice the level of the 200-day line so they should be considered extended or overbought.
The On-Balance-Volume (OBV) line shows a strong rise from June and the Moving Average Convergence Divergence (MACD) is well above the zero line and poised to cross to the upside for a fresh buy signal.
In this weekly Japanese candlestick chart of PLUG, below, we can see a similar picture to the daily chart - prices are in an uptrend that is extended when compared to the intersection of the rising 40-week moving average line at $14.
In this daily Point and Figure chart of PLUG, below, we can see a new upside price target in the $49 area.
Bottom line strategy: PLUG is likely to finish the day with an upside price gap. This is not a breakaway gap so that leaves two other kinds of gaps to consider - a runaway gap and an exhaustion gap. Unfortunately we won't know what kind of gap we have for a few days. Trade carefully.
