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Clean Energy Fuels Bearish Moving Average Crossover Alert (CLNE)

Published on Fri, 03/01/2013 - 12:16
By Peter Chu

Clean Energy Fuels (NASDAQ:CLNE) shares have crossed bearishly below their 10-day moving average of $12.47 on a volume of 811K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Clean Energy Fuels Corporation designs, builds, finances and operates natural gas filling stations for vehicle fleets. The Company also helps its customers acquire and finance natural gas vehicles and obtain local, state, and federal clean air rebates and incentives.

In the past 52 weeks, shares of Clean Energy Fuels have traded between a low of $10.90 and a high of $24.75 and are now at $12.32, which is 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.7%.

There is potential upside of 47.5% for shares of Clean Energy Fuels based on a current price of $12.32 and an average consensus analyst price target of $18.17. The stock should find initial resistance at its 50-day moving average (MA) of $13.09 and further resistance at its 200-day MA of $13.42.

By Peter Chu
pchu@fnno.com

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