Cliffs Natural Resources (CLF) Breaks Through Support at $35.81
Cliffs Natural Resources (NYSE:CLF) has opened bearishly below the pivot of $36.52 today and has reached the first level of support at $35.81. Investors may be interested in a cross of the next downside pivot targets of $34.82 and $33.12.
Cliffs Natural Resources share prices have moved between a 52-week high of $78.85 and a 52-week low of $28.05 and are now trading 28% above that low price at $35.85 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 1.1%.
Cliffs Natural Resources has overhead space with shares priced $35.85, or 17.8% below the average consensus analyst price target of $43.62. The stock should hit resistance at its 200-day moving average (MA) of $44.72, as well as support at its 50-day MA of $34.26.
SmarTrend recommended that subscribers consider buying shares of Cliffs Natural Resources on December 12th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.51. Since that recommendation, shares of Cliffs Natural Resources have risen 13.2%. We continue to monitor CLF for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: pivot alerts Cliffs Natural Resources