Nearest Resistance: $12
Nearest Support: $6
Catalyst: Tech Stock Bounce
Another big technology name that's bouncing this afternoon is fuel cell maker Plug Power (PLUG - Get Report). Despite its small-cap valuation, Plug Power has been one of the highest volume trading vehicles in the last couple of months, fuelled by a jaw-dropping 286% rally year-to-date. And now, with shares up another 5.6% this afternoon, the question is whether it still makes sense to be a buyer here.Today, PLUG is showing traders a pretty critical test of trend line support at the $6 level. If shares can bounce here and hold their uptrend, then we've got a big buy signal that's likely to drive shares to retest highs in the double-digits. In spite of March's correction in PLUG, shares still have relative strength that's stomping the broad market right now, and that's a good side indication that the rally isn't over yet. Don't be early on this trade. I wouldn't put money in PLUG unless it can score a meaningful bounce above $6 in the next couple of sessions. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts