Schaeffer's Trading Floor Blog

Stocks at New Highs: Clean Energy Fuels Nears a Two-Year Peak

Outperforming CLNE is on pace for a rare daily close above the $20 level

by 2/27/2012 2:54 PM
Stocks quoted in this article:

Given that the major market indexes have all elbowed their way into new-high territory today, it should come as no surprise that stocks at fresh 52-week peaks are easily outnumbering their new-low counterparts. The NYSE notes no fewer than 107 securities at new annual highs, along with only four stocks slipping to a 52-week worst. Similarly, the Nasdaq reports a formidable 81 equities at new highs, compared to just 15 new lows. Among today's technical standouts is Clean Energy Fuels Corp. (CLNE - 20.28), which is fast closing in on a two-year peak.

CLNE price chartSpecifically, CLNE topped out today at $20.38, marking its loftiest price since April 2010. In fact, the shares are just a few points away from their current all-time high of $23.70, tagged back in March 2010. CLNE has racked up a healthy gain of 50.4% so far in 2012, and the equity is now trading well north of support at its rising 10-day and 20-day moving averages.

With short interest accounting for no less than 23.9% of CLNE's float, it seems there are plenty of potential buyers still camped out on the sidelines. At the stock's average daily trading volume, it would take more than eight days for all of these bearish bets to be covered. As CLNE's positive price action continues, a wave of short-covering activity could fuel accelerated gains.

Meanwhile, the shares could also be due for a few bullish brokerage notes. Thomson Reuters pegs the average 12-month price target for CLNE at just $17, representing a 16.6% discount to today's new high.


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