Plug Power erases early gains - Analysis - 09-06-2022

Plug Power's stock closed lower after the fuel cell company said it'll build a hydrogen power station in Belgium soon in the second sea port in Europe, but mounting pressures on the stock erased all gains, ending down 1.64%, or 31 cents, and settling at 18.54, with trading volumes surpassing 21.5 million shares, below 10-day averages of 22.3 million shares.

It comes amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, as the RSI reached overbought levels compared to the stock's movement. 

Therefore we expect more losses for the stock, targeting the pivotal support of 13.40, provided the resistance of 18.54 holds on.

Expected trend for today: Bearish