Clean Energy Fuels Continues to Look Positive on the Charts

Clean Energy was the first to use RNG as a vehicle fuel in the United States, and we are still the leading distributor of RNG for the transportation industry in North America. Clean Energy Fuels Corporation is a company that develops, constructs, finances, and manages natural gas filling stations for fleets of vehicles. The company also assists its clients in acquiring and financing natural gas cars, as well as obtaining clean air rebates and incentives from local, state, and federal governments.

Clean Energy Fuels

During one sunset, Jim Cramer met with Andrew Littlefair, president and CEO of Clean Energy Fuels (CLNE), the natural gas supplier. Post being mentioned on the WallStreetBets Reddit community, the capital increased by 19%.

Although Littlefair acknowledged that urged for natural gas as a traverse fuel did not materialise as predicted, Clean Energy Fuels is no imigrant to the natural gas uprising. Which is why the firm switched to RNG, or regenerated natural gas, which is derived by methane found in animal waste. This new focus has attracted Amazon’s (AMZN) interest, which has just collaborated with Clean Energy Fuels and has the option to purchase a 20% share in the firm.

According to Littlefair, the United States consumes 35 billion gallons of diesel fuel each year and produces 5 to 7 billion gallons of animal faeces that might be turned to natural gas. Clean Energy is thus a win-win situation for eliminating methane and substituting polluting diesel using cleaner-burning natural gas.

On June 10, we examined the CLNE charts and concluded that “At present levels, aggressive traders might go long CLNE. A closing below $8 is a risk. On the upside, our current objectives are $25 and $41, respectively.”

Let’s take a look at the charts and indicators to see whether they’ve altered.

Above the bottoming 50-day weighted average line on this daily bar chart of CLNE, it appears like pricing have stabilized into a little of a trading range market. The 200-day moving average line continues to have a positive slope. The On-Balance-Volume (OBV) line seems to have been strong recently, and trade volume has been high.

Daily Bar Chart of CLNE
We can observe what we consider a good storey in this weekly Japanese candlestick chart of CLNE, which is shown below. Before bursting to the upside, prices formed a big foundation around $2. A normal correction took place, with prices correcting about half of the rally’s value. On the pullback, the rising 40-week moving average line has provided support. The weekly OBV line is solid, and the MACD oscillator is dropping, perhaps indicating a new buy signal.
Weekly bar chart of CLNE
Bottom line strategy: It’s fascinating to see how indicators and price predictions alter over time. Traders can keep their recent longs if they are willing to risk a closing below $8. Our new objectives are $24 and $28, respectively. The situation will continue to change. Keep an eye out for updates.

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