When you think of clean energy, you used to think of natural gas. These days, though, it's solar or wind power or maybe even geo-thermal energy. Yet what most don't consider when they hear that all-purpose phrase is the company Clean Energy Fuels (NASDAQ:CLNE) -- But they should as it's building a natural gas refueling infrastructure across the country.
Which is all fine and good but what about the stock price? The chart below shows part of its long fall from a high near 25 in early 2012. But since making a double bottom in January, it has been moving higher. Indeed, CLNE built a cup-and-handle pattern, with the handle pulling back to the limit to retain the pattern. This pattern calls for a move higher to 16.80. But that's not the only good news in the chart.
There is also a measured-move higher to about 13. And did you notice the golden coss that printed, with the 50-day SMA crossing up through the 200-day SMA? That, too, is a bullish sign. The momentum indicators are turning bullish as well. The RSI held in the bullish zone on the pullback and the MACD is about to cross positive.
The stock has nearly 245 short interest, so another leg higher could certainly trigger short covering and possibly a short squeeze. Using the low on the pullback at 7.22 as a stop, this stock gives a good reward-to-risk for your portfolio, with a company looking to do good for the environment.