Plug Power has recently implemented its first hydrogen production system at, which is designed to service forklift vehicles at the company's fulfillment center located in Aurora, Colorado.

Plug Power Collaborates with

At the designated location, the electrolyzer system, which is intended to produce low-carbon hydrogen, is scheduled to supply power to more than 225 forklift vehicles. Andy Marsh, chief executive officer of Plug, emphasized the significance of the project and the organization's capability of implementing comprehensive solutions across the hydrogen value chain in a press release.

This week, Plug stock rose 3.6%, following the replacement of batteries in forklifts. Despite this increase, the stock still trades 61% down so far this year.

Plug Power's Business Potentiality

Plug Power is proactively developing an all-encompassing green hydrogen ecosystem, which includes energy generation, storage, transportation, and production. By aiding clients in the attainment of their corporate goals, this strategic endeavor also contributes to the overarching objective of reducing carbon emissions in the economy. The organization has established a viable commercial market for hydrogen fuel cell technology, having deployed more than 60,000 fuel cell systems and 180 fueling stations.

Plug intends to construct a renewable hydrogen highway spanning Europe and North America. The organization manages an advanced Gigafactory that specializes in the fabrication of fuel cells and electrolyzers. In addition, it has strategic intentions to establish several green hydrogen production facilities by the end of 2025, with a daily capacity of 500 tons of liquefied green hydrogen.

PLUG Stock Technical Analysis

In the daily chart, the broader market direction for the PLUG stock is bearish as the current price trades 60% lower from the yearly opening. However, the long-term buying pressure might come as the bearish ABCD pattern is completed, from where a long signal might come.

Since the February 2023 high, the PLUG stock price pushed down to May low and corrected higher. Later on, the 161.8% Fibonacci trend extension from the 13.40 high to 6.97 low is marked at the 3.64 level. As the current price trades above this crucial Fibonacci level, investors might expect an upward correction, depending on the price action.

In the most recent chart, an immediate buying pressure is seen above the dynamic 20 day EMA but bulls have failed to form sufficient momentum to consider it a trend reversal. However, the largest volume level since July 2023 is at the 3.90 level, which is below the current price.

Based on the current market structure, a range bound price action with a bullish daily candle above the 6.97 high could offer a decent long opportunity, aiming for the 13.40 resistance level.

However, an ongoing ascending channel breakout with a bearish pressure below the channel support could extend the bearish pressure towards the 2.00 area.

*Disclaimer: The content of this article is for learning purposes only and does not represent the official position of VSTAR, nor can it be used as investment advice.