How to safely buy Clean Energy Fuels
On Friday, Clean Energy Fuels (NASDAQ: CLNE, Stock Forum) broke out on an earnings related news release. Blink your eye and you missed it. So now what? Do we do what the master TV herder says we should, and just blindly buy buy buy? Or should we do what we here at All About Trends preach and that is to NOT CHASE BUSES, and instead let them come to us.
That said this issue broke out at the $19 level and changed range so we'll sit back, let the dust settle, and on a “pullback off highs longside” pattern look to enter the stock on the longside. In early December we were on the prowl for names that were sporting what we call a "coming up the right side of a cup" pattern. When the stock crossed over the first green line December 14, we bought the stock. And we'll be buyers again on a pullback to the new green line.
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