Cliffs Natural Resources (NYSE:CLF) has opened bearishly below the pivot of $23.08 today and has reached the first level of support at $22.35. Analysts will be watching for a cross of the next downside pivot targets of $21.97 and $20.86.

In the past 52 weeks, Cliffs Natural Resources share prices have been bracketed by a current low of $21.35 and a high of $73.63 and are now at $21.57. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2.2%.

There is potential upside of 63.8% for shares of Cliffs Natural Resources based on a current price of $21.57 and an average consensus analyst price target of $35.33. The stock should run into initial resistance at its 50-day moving average (MA) of $32.58 and subsequent resistance at its 200-day MA of $38.67.

SmarTrend recommended that its subscribers protect gains by selling shares of Cliffs Natural Resources on February 13th, 2013 by issuing a Downtrend alert when the shares were trading at $30.11. Since that call, shares of Cliffs Natural Resources have fallen 24.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.