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

By David Diaz

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. Yesterday's price range of $2.63 and $2.75 is within the prior day'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.

Potential upside of 136.4% exists for Clean Energy Fue, based on a current level of $2.75 and analysts' average consensus price target of $6.50. The stock should discover initial support at its 200-day moving average (MA) of $2.46 and subsequent support at its 50-day MA of $2.03.

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.

Clean Energy Fue share prices have moved between a 52-week high of $4.05 and a 52-week low of $1.33 and closed yesterday at 107% above that low price at $2.75 per share. The 200-day and 50-day moving averages have moved 0.1% lower and 3.30% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Clean Energy Fue on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.02. Since that recommendation, shares of Clean Energy Fue have risen 44.6%. We continue to monitor CLNE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle clean energy fue

Ticker(s): CLNE