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Mon. 22 Nov 2021, 9:50am ETBenzinga
In: Markets, Movers, Trading Ideas

If history is any guide, there may be good fortune ahead for shares of Plug Power (NASDAQ:PLUG). A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.

What To Know: Many traders use moving average crossover systems to make their decisions.

When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.

Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.

The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.

That just happened with Plug Power, which is trading around $46.3 at publication time.

Remember: Seasoned investors don't blindly trade Golden Crosses.

Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.

For seasoned investors, this is just a sign that it might be time to start considering possible long positions.

With that in mind, take a look at Plug Power's past and upcoming earnings expectations:

Quarter Q3 2021 Q2 2021 Q1 2021 Q4 2020
EPS Estimate -0.09 -0.08 -0.08 -0.10
EPS Actual -0.19 -0.18 -0.12 -0.05
Revenue Estimate 143.93M 114.02M 76.87M 87.32M
Revenue Actual 143.92M 124.56M 71.96M -316.34M

Also consider this overview of Plug Power analyst ratings:

Do you use the Golden Cross signal in your trading or investing? Share this article with a friend if you found it helpful!

This article was generated by Benzinga's automated content engine and reviewed by an editor.