Plug Power Inc. (NASDAQ:PLUG) shares are trading higher Thursday after Piper Sandler upgraded the stock to Overweight with a price target of $33.

Plug Power is trading up 2.3% at $27.56 at publication time.

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Plug Power Daily Chart Analysis

• Shares look to be heading higher toward resistance in what technical traders call a sideways channel.
• The $35 price level in an area where the stock has struggled to cross above it, holding as resistance. The stock faded back lower and then found support near the $24 level. Now, the stock looks to be heading back toward the resistance level.
• The stock is trading above the 50-day moving average (green), but below the 200-day moving average (blue), indicating the stock is likely in a period of consolidation.
• The 50-day moving average may hold as a place of support, while the stock may find resistance near the 200-day moving average.
• The Relative Strength Index (RSI) has been creeping higher and now sits at 58. This shows that buying pressure in the stock has slowly been increasing.

What’s Next For Plug Power?

Bullish traders are looking to see the stock continue to form higher lows up toward the resistance level. Bulls then want to see a cross above this area and a period of consolidation where the stock can hold above the $35 price level for a possible further bullish move.

Bears are looking to see the stock keep fading lower and break below the possible $24 support level. If this level can become a resistance level, or an area where the stock struggles to cross back above, it may then see a further bearish push.