Plug Power had its Relative Strength (RS) Rating upgraded from 89 to 92 Tuesday. See if PLUG stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's proprietary RS Rating measures technical performance by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
History shows that the stocks that go on to make the biggest gains tend to have an RS Rating of at least 80 at the beginning of a new run.
Plug Power is an American company that works on the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity. News of a new bill that would fund alternative energy sources could help PLUG stock.
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PLUG Stock Looks For New Buying Opportunity
PLUG stock is now considered extended and out of buy range after clearing a 14.45 buy point in a second-stage consolidation so it needs forms a new buying opportunity.
Plug Power's earnings growth slowed in the most recent report from 0% to -125%. But sales moved higher, from 34% to 96%.
PLUG stock holds the No. 26 rank among its peers in the Energy-Alternative/Other industry group. Ameresco, Arcosa and Kenon are among the top 5 highly rated stocks within the group.
