After having gone through a fairly strong rally in the previous days, the Clean Vision Corporation (OTCMKTS:CLNV) stock suffered from a selloff on Wednesday and went down by as much as 5% as a consequence. However, in this regard, it is necessary to point out that despite the decline the stock is still up by as much as 12% in the past week.
Trading Data
On Wednesday, CLNV stock fell 5.08% to $0.0560 with more than 1.38 million shares, compared to its average volume of 3.72 million shares. The stock moved within a range of $0.0541 – 0.0643 after opening trading at $0.0600.
Key Details
The company, which is involved in the clean technology and green energy industries, made a key announcement with regards to its fully own subsidiary company Clean-Seas Inc. The company announced that Clean-Seas had managed to set up a joint venture by way of which it would set up a commercial pyrolysis unit in Puerto Rico for turning plastic to energy.
The plant is going to function as the host for the Plastic Conversion Network from Clean Seas, for which a patent is still pending. In addition to that, it ought to be noted that over the course of the past 30 days, the company has also inked binding letters of intent for setting up similar facilities in Morocco and Sri Lanka. It now remains to be seen if the Clean Vision stock can make a turnaround today or not.
Key Quote
“We do not expect any issues in securing sources of waste plastic to run this facility at full capacity 350 days a year,” said John Yonce, Clean-Seas Director of Business Development. “Our ability to process the difficult to recycle types of plastic make this a unique opportunity for Puerto Rico and for the Material Recovery Facilities with whom we are currently speaking.”
Technical Data
CLNV stock is trading above the 50-Day and 200-Day Moving averages of $0.0460 and $0.0354 respectively. However, the stock is trading below the 20-Day moving average of $0.0579.
