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Possible Bearish Inside Day Candle Pattern Detected for Clean Energy Fue (NASDAQ:CLNE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Clean Energy Fue (NASDAQ:CLNE) based on the price action in the company's shares. Today's price range of $1.51 and $1.57 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Clean Energy Fue may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Over the past year, Clean Energy Fue has traded in a range of $1.31 to $4.80 and is now at $1.52, 16% above that low. The 200-day and 50-day moving averages have moved 1.53% lower and 0.85% higher over the past week, respectively.

There is potential upside of 294.7% for shares of Clean Energy Fue based on a current price of $1.52 and an average consensus analyst price target of $6.00. Clean Energy Fue shares should first meet resistance at the 50-day moving average (MA) of $2.98 and find additional resistance at the 200-day MA of $4.00.

SmarTrend recommended that its subscribers protect gains by selling shares of Clean Energy Fue on August 4th, 2017 by issuing a Downtrend alert when the shares were trading at $2.49. Since that call, shares of Clean Energy Fue have fallen 36.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle clean energy fue

Ticker(s): CLNE