The electric car boom is pushing this stock up, and the company is expected to post EPS growth of 25% annually over the next five years.
Plug Power Inc. (PLUG)
From The Chartist
Our models are positive, and momentum is still very much on the side of the bulls. That’s why our real money accounts are fully invested. We have no choice but to have the great bulk of our capital in the market, and we advise you to do the same. The odds clearly favor the upside.
Plug Power (PLUG) entered the relative strength rating in our November 12th edition at the #21 position. Currently, it holds down the # 26 spot. After building a base since the start of the year, trading in a tight range, the stock began to move higher mid-June as it established a textbook stair-case pattern. It rallied over 400% to its recent high at 26.87 on November 23. Since then, it has come under some selling pressure, declining 11% to its current price at 23.85. It remains comfortably above both its 50 and 200-day moving averages.
The company provides alternative energy with hydrogen and fuel cell technology used for the material handling industry. Its products are designed to increase productivity, lower operating costs, and reduce carbon footprints in a reliable and cost-effective way. It provides power to vehicles, such as forklifts, using fuel cells to replace traditional lead-acid batteries. Among its customers are Home Depot, Amazon, Walmart, and Fed-Ex.
Dan Sullivan, The Chartist, thechartist.com, 900-942-4278, December 3, 2020