Clean Energy Technologies Inc (OTCMKTS:CETY) Stock Attempts To Rebound After The Fall

The establishment of a new joint venture can often come as a boost for a company’s stock and that is what seemed to have happened with the Clean Energy Technologies Inc (OTCMKTS:CETY) stock on Monday. Yesterday, the company announced that it had initiated a joint venture with the company Shenzhen Gas.

Market Stats

On Monday, CETY stock gained 3.60% at $0.0390 with more than 540k shares, compared to its average volume of 619K shares. The stock has moved within a range of $0.0374 – 0.0414 after opening trading at $0.0374.

Joint Venture with Shenzhen Gas with Plans to Acquire Municipal Natural Gas Utility Companies in China

The joint venture in question is going to be involved in acquiring profit making municipal natural gas utility companies which are based out of China. It was also point out by Clean Energy Technologies that those acquisitions are going to eventually make a hefty contribution to the company’s top line as well as the bottom line.

Such an announcement can bring considerable excitement among investors and that is what happened on Monday. Investors piled on to the Clean Energy Technologies stock and sent it soaring by as much as 4% on Monday. However, at the same time, it is perhaps also necessary to keep in mind that prior to yesterday the stock had not been performing well. As a matter of fact, the Clean Energy Technologies stock is still down by as much as 9% over the course of the past week despite the rally yesterday.

Traders Corner

CETY stock is trading below the 20-Day and 50-Day Moving averages of $0.0421 and $0.0444 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0600. The stock is down 5% in the past month.