Authored by ZanderVanDerMerwe
Plug Powered soared on Friday as the Build Back Better bill was passed in the house but is yet to still be passed in the Senate with some substantial changes to be expected in the bill before an expectation of implementation. A substantial portion of the bill will be allocated to climate change-related provisions that saw alternative energy stocks rally with the expectation of investment into solar and green energy companies.
Friday’s movers:
- Plug Power Inc (PLUG) was up 10.22%
- Boeing Company (BA) was down 5.77% following reports on more production problems
- Moderna Inc (MRNA) was up 4.92% as approval for COVID vaccine boosters pushed the biotech stock higher
- Exxon Mobile Corporation (XOM) was down 4.62% following the Austria lockdown announcement.
Earnings Due:
Zoom Video Communications ZM Post-Market
Stocks to watch:
Following a disappointing third-quarter earnings result the share price has been on a steady decline since May of this year. The recent pullback to the 200-day moving average does signal that there may very well be a possible breakdown lower if it fails to break through.
The rejection of the 200-day moving average, as well as the break of the 20 and 50-day moving averages, does signal a possible break lower given that a break of $241.50.
Keep a close eye on where the price closes today as a possible downside to $216.90 could still be on the cards. Check out our daily commentary to get more inclusive on markets analysis.
