During Thursday night's Lightning Round of Jim Cramer's Mad Money program one caller asked about Clearway Energy Inc. ( CWEN) : "I think this is a good company," said Cramer. CWEN is focused on providing customers with low-cost, clean power generated by solar and wind across the U.S.
Let's check out the charts and indicators.
In the daily bar chart of CWEN, below, we can see a positive looking picture. CWEN is in an uptrend from the middle of February. Prices are above the rising 50-day moving average line and above the 200-day average which is slowly shifting to a positive slope.
The trading volume has been on the low side but the On-Balance-Volume (OBV) line shows an uptrend from January and needs a new high to help confirm the new highs for the move up in September. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line.
In the weekly bar chart of CWEN, below, we have more of a mixed picture. Prices are above the 40-week moving average line but the slope is just bottoming now. The $19-$21 area is probably going to stall rallies as they have failed in that area before.
The weekly OBV line turned up in January and is generally positive. A new high in the OBV line would be welcomed. The MACD oscillator is bullish and rising.
In this Point and Figure chart of CWEN, below, we can see an upside price target around $20.
Bottom-line strategy: CWEN looks like it can crawl higher to retest the 2017 and 2018 highs. A breakout over $21 does not look to be in the cards just yet.
