January 18 Chart of the Day - Plug Power
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Plug Power (PLUG) is down another 15% today after the company filed for a potential $1 billion share offering. The company is down over 88% over the last two years and recently issued a "going concern" warning meaning not so good things could happen for the company...
We chose their chart to review from a price action technical analysis perspective to highlight a few but major points regarding any company or chart (remember Blackberry?)
The monthly chart with nearly 25 years of data had shown some promising times early on and again about 5 years ago.
But investors and traders should really take to heart when we say "never say never..."
Because price can do anything at anytime for any reason. So many times we hear people say "well it can't go any lower can it?"
We used to have a mentor that would often say that a chart can only go to zero. Unfortunately, sometimes they do.
In looking at the weekly chart we can see that even now, yes price could keep going lower. Using Fibonacci we can see the $1.15 area (or possibly lower) as a potential downside destination...
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
Take a look at the charts and let us know what you think.
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