Energy imploding, CWEN holding on by a thread
Hello friends. Energy is imploding exactly as we have forseen. What's interesting though is that CWEN, a renewable energy stock, is not having any of it.
Here's what we think will happen. The stock will start to shoot down in wave 3, and get a huge gap down on bad earnings which are on 8/02/22. Then it can continue to roll that downwards momentum into a move all the way down towards the final target around $23.
Why would the next earnings be bad? There is a simply answer. Energy has fallen substantially. This means they will earn less money, since all they do is produce energy and then sell it at market rates.
We think that energy will continue to crumble, and that this stock, which is very overvalued for the current market at a P/E GAAP (TTM) ratio of 233.63 and with only 7.22% YOY growth to boot, will get beaten down more badly than most.
Thanks for playing.
Here's what we think will happen. The stock will start to shoot down in wave 3, and get a huge gap down on bad earnings which are on 8/02/22. Then it can continue to roll that downwards momentum into a move all the way down towards the final target around $23.
Why would the next earnings be bad? There is a simply answer. Energy has fallen substantially. This means they will earn less money, since all they do is produce energy and then sell it at market rates.
We think that energy will continue to crumble, and that this stock, which is very overvalued for the current market at a P/E GAAP (TTM) ratio of 233.63 and with only 7.22% YOY growth to boot, will get beaten down more badly than most.
Thanks for playing.
Comment:
Very good support at $26 also