Day Trade Ideas: Cleantech Transit (CLNO) Bounce Play

Cleantech Transit, Inc. (OTC: CLNO) has gotten slaughtered the last few trading sessions as shares in the penny stock  dropping from .135 to .08, -40.74%. CLNO could be set up for a bounce play on a day trade situation after providing further details on the 500 KW bio mass they announced on the 23rd.

According to Cleantech, the 15-year power purchase agreement would entitle CLNO to receive a price of 0.11 cents per kilowatt of electricity sold. With the Merced plant capable of producing 500 KW of electricity per hour at full capacity, that would equal  out to $55. Better than washing dishes I guess.

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CLNO Stock Snap Shot:

Market Cap: 9.59M
52-Week High
(Jun 2, 2011): 0.30
52-Week Low
(Dec 23, 2011): 0.041
Avg Vol (3 month): 52,911
Avg Vol (10 day): 363,414
Shares Outstanding: 109.90M
Float: 47.63M
% Held by Insiders: 56.66%

5 Day Summary:
Percent Change: -8.11%
Moving Average: 0.1163
Average Volume: 506,330

Support & Resistance
2nd Resistance Point: 0.1224
1st Resistance Point: 0.1049

1st Support Level: 0.0749
2nd Support Level: 0.0624

With the CLNO plant surpassing its 500 KW production capacity in the initial testing stage, the company is (overly) optimistic that the bio mass facility will continue to move toward the commercial operation stage in a timely manner. The company President and CEO, Kenneth Bosket, said that Cleantech is pleased with the progress made thus far and is looking forward to developing this asset and making other potential investments in the clean energy sector.

Bottom Line: Speechless. Day trade setups would say that of the 73 trades executed in the last trading session with an average trade size of 9,787 shares that liquidity is an issue. Watch CLNO on your level II screen during the course of the first 20 minutes of today’s session. If the penny stock doesn’t dance during the first three songs of the day, it ain’t gettin footloose.


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