Low carbon energy firm Clean Energy Technologies (OTCMKTS:CETY) was in significant focus among investors on Thursday and ended the day with gains of as much as 9% amidst heavy interest.
Trading Data
On Thursday, CETY stock moved up 9.41% at $0.0474 with more than 1.72 million shares, compared to its average volume of 587k shares. The stock has moved within a range of $0.0419 – 0.0500 after opening the trade at $0.0419.
Finalizes Acquisition of Jiangsu Huanya Jieneng New Energy Co.
In light of such gains, it might be the right time for investors to perhaps take a closer look at the announcement from the company that led to the rally. Yesterday the company announced that it had managed to complete the acquisition of the liquefied natural gas trading company Jiangsu Huanya Jieneng New Energy Co through a number of its fully owned subsidiary companies.
The announcement of the acquisition seemed to have come as a source of considerable optimism among investors and the stock went on an upward move. The optimism is well placed as well since China is now looking to cut down on its coal consumption in a big way and trying to move into natural gas.
Through this acquisition, it could be possible for Clean Energy Technologies to enter the massive Chinese market. The company is also looking to generate cash flow immediately by way of this acquisition. Investors could do well to follow the developments in the coming weeks and months.
Technical Data
CETY stock is trading above the 20-Day and 50-Day Moving averages of $0.0437 and $0.0454 respectively. However, the stock is trading below the 200-Day moving average of $0.0654. The stock is up 7% in the past month.
