Plug Looks to Be Forming a Flag Pattern
Plug Power, $PLUG, looks to be forming a flag pattern. After an extremely strong breakout in June, it doubled in price quite quickly. Despite this strength, investors have been reluctant to sell and it has been holding up really well between $8 and $10. Flag patterns don't happen too often, but they offer tremendous potential. Tesla recently doubled after forming a flag pattern (see post here). Plug is an extremely volatile stock and with that comes both the possibility of an explosive move higher or a rapid move lower. However, with a stop loss in place and proper position sizing, PLUG offers a nice risk to reward in my opinion.
Full Disclosure: Plug is a stock I currently own.
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