Price pullback to its buy zone that aligns with the 61.8% retracement level. I had missed the triple bottom, and decided to enter early into the market. There is also a well formed consolidation (horizontal channel ) around the 61.8% retracement. My assumption is that this industry is a good sector that would probably be trending higher in the coming years.
S/L is placed blow the lows of the whole pullback. Could be relatively tight. But would be a good sign to enter at a better price if it does get hit.
T/P is placed at the 1.618% Fib extension level. Considering the severity of the climate change effects in recent weeks, there could be a good push for green energy alternatives that may push prices higher for this stock.
(This stock was entered with the view that green energy alternatives would be taken seriously by countries and that markets are undervaluing the potential of these companies for future environmental sustainability).
Can you plot FCEL, it is in same space as BE? TIA.
Raddy2020
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@HHSPN, You don't want to touch FCEL - BE is currently the one and only - loads of new deals, break-even finacially on the horizon etc. BE"s fundamentals are way ahead of their competitors! Thus, better stick with BE
suheysen93
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@HHSPN, In my view, FCEL and BE are similar. However, if you take into account the company's fundamentals, BE is a better choice (mainly for its overall green energy initiatives). But FCEL is also a good buy, for its hydrogen use in electricity production. FCEL uses CHP (combined heat and power application; like geothermal) and is backed by a Korean energy company. FCEL is mainly in the stationary power plant business. So, FCEL is a good buy. You just have to manage your S/L because of how volatile these markets can be
HHSPN
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@suheysen93, FCEL zero carbon capture work with Exxon I hope will yield some business. Their hydrogen fuel stations with Toyota is another positive. BE like you both said has best fundamental with close to billion in revenues (well 872Mil) is no joke. There are also working on zero carbon and expanding to accepting bio gas as input, deal with shipping industry, and hopefully the pizza box size power unit for home which they touted almost a decade back.
suheysen93
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@HHSPN, Yeah. I went through the chart for FCEL. Its creating a good basing pattern. It may go up from where its currently trading, but I could be wrong. Keep an eye out for market sentiment like in the S&P 500 or the Dow; overvalues can push everything down.
I'm bullish on green energy and hydrogen, mainly due to the risk climate change has to the economy in the next 5 years. So, both stocks are a play in that narrative.