$PLUG
Added 2023-08-10 19:53:37 +0000 UTCYou can not buy and hope for a stock to reverse, the trend is downward until it shows signs or reversing and does reverse.
$NIO for example, is in an impulse wave moving upwards, sensible to buy on pull backs and be a bit more risky as the trend has been reversed after Wave 2 is confirmed in.
$PLUG has not broken out of this downward descending triangle yet, it has been in this May 2021....and has clearly been rejected at the 200 Day MA twice in July and did not even test the wedge trend line.
It has also had 12 negative earnings quarters in a ROW!
Buying before a break out is a risk and these are risks to avoid, especially for a stock that is beat up and still under performing.
This should continue down the wedge now.
Comments
I wish I had this chart before adding again Plug today. My fault, Iβve been impulsive. Small loss, I will resize the position tomorrow. Learnt the lesson. β€οΈπͺπ»
Federico Salerno
2023-08-10 22:59:11 +0000 UTCI would watch WTI, TAN, and PLUG, usually follow same trend, but OIL and TAN occasionally go different direction. TAN and PLUG go very closely though
Shailesh Patel
2023-08-10 21:09:41 +0000 UTC
