Volume dryin g up is a great sign that Shorts are almost exhausted and today the Q-1 earnings up news from $0.27 to $029 is also a good news.Dividend fiasco also suggest that the MGMT does not have a firm grasp on the situation and thats a RED FLAG. But inspite of all.. the worse is besind And once this stock forms a solid base around $26-$27 .. ity will begin to move up .
Here's your problem, CLF broke through the 52 week low and did so with ease. CLF is now in no mans land. From the long side I would wait for a lower entry point or wait until it can again reclaim the old 52 week low. The volume might be drying up, but that doesn't mean there are buyers even at this price. I think CLF is now dead money either way. Tough to short here, but I would not go long either. From the long side anyone who has held CLF has got to be pretty disgusted. What a horrible investment it turned out be.