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Cliffs Natural Resources Inc. Message Board

  • southbuckeye southbuckeye Apr 29, 2013 2:01 PM Flag

    $22.00

    On April 25 Cliffs hit 22.00 and promptly retreated. The last time prior to April 25 that Cliffs hit 22.00 was on March 26. It's now at about 20.80. For this stock to move up, it must soon breach the 22.00 level. It should not be that hard to acheive, and should not take long to acheive it.

    Sentiment: Buy

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    • Good observation. Last Thursday, when the stock hit $22, the 50 day SMA was at $22.01. That is why it proved resistance. Over the past few days the 50 day has dropped to $21.64. By tomorrow likely in the $21.50's, which if we can hold over $21 is where we can next expect serious resistance. To technicians the moving averages are important to say the least.

      Holding above there will likely cause some short covering, maybe a good amount, but plenty will hang in there. After all the chart still has a ways to go before it looks anything like healthy. And the market could pull back at any moment.

      But one step at a time. $22 will be resistance but the moving averages are more important.

 
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