Monday, August 04, 2014

PLUG - Short Term Cyclical Low



Above is a 60 minute chart of PLUG which is an alternative energy stock.  As you can see over the past 3 months this stock has been forming higher lows in a very cyclical manner. Approximately every 3/1/2 weeks PLUG has put in a short term bottom and has rallied.

The last cyclical low was due  on August 1st around 11:00am eastern time and this is precisely when PLUG put in its bottom and now appears to be moving higher. PLUG has also held a significant support level at 5.25.

If this cyclical low is similar to previous lows we should see a rally to at least 6.25. Of course a move below 5.13 would negate the bullish setup. As always, we'll see what happens!


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