How to buy Clean Energy Fuels stock as CLNE enters oversold conditions
- Clean Energy Fuels stock is down 17% over the past five days.
- However, the new Reddit favorite CLNE stock is approaching oversold conditions.
- This guide will help you buy Clean Energy Fuels stock now.
Clean Energy Fuels Corp (NASDAQ: CLNE) shares fell more than 5% on Wednesday morning to extend the current 5-day decline to 17%. Buying Clean Energy Fuels stock now is looking attractive as CLNE approaches oversold territory and a potential rebound is imminent.
CLNE is currently on the list of the top 10 Reddit stocks, implying the stock can experience large gains over the short-term. If you think that the losing streak is overdone and CLNE is ready to rebound but you aren’t sure how and where to buy Clean Energy Fuels stock now, this guide is for you.
Where and how to buy Clean Energy Fuels shares?
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Buying Clean Energy Fuels stock is very straightforward and requires minimal effort. All you have to do is register and verify an account with a reliable online stockbroker. After funding your account, just look for the relevant ticker (CLNE) and click on the buy button.
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What is CLNE stock?
The meme stock opened at $10.77 per share on Wednesday and is currently exchanging hands at $10.46 per share. This compares to its year-to-date high of $18.64 per share in early February. Clean Energy Fuels had started the year at a per-share price of a much lower $7.83 per share.
CLNE performed massively upbeat in the stock market last year with an annual gain of about 200%. At the time of writing, the California-based company has a market cap of $2.12 billion.
CLNE stock technical analysis: approaching oversold conditions
CLNE stock price is closer to the oversold levels of the 14-hour RSI in the 60-min chart after Wednedsay’s decline. The stock is also comfortably above key support levels of $9.08 and $7.45 so there is reason to believe further downside is limited.
Clean Energy Fuels stock is also trading above the 100-hour moving average and despite recent weakness, shares are still higher by 25% over the past month and 350% over the past year. Short-term and swing investors looking to buy CLNE stock now can target rebound profits at $12.52 and $14.51 which coincide with resistance levels.
Investors that are looking for even higher returns should hold on to CLNE stock until it retests its prior highs just shy of $20 per share.
CLNE stock outlook: EPS growth in 2022
CLNE earnings per share will decline by 149% this year before bouncing back 100% next year. Therefore, this year’s earnings decline may be less relevant to the stock’s performance in the short term.
Perhaps more important than evaluating Clean Energy Fuels’ 2022 outlook is the fact that it is still one of the hottest meme stocks. As we have seen over and over again in recent months, fundamental and technical analysis takes a back seat to hype and momentum.