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SmarTrend Watching for Potential Rebound in Shares of Cleveland-Cliffs Inc After 2.58% Loss

By Nick Russo

Cleveland-Cliffs Inc (:CLF) traded in a range yesterday that spanned from a low of $6.90 to a high of $7.25. Yesterday, the shares fell 2.6%, which took the trading range below the 3-day low of $7.11 on volume of 5.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Over the past year, Cleveland-Cliffs Inc has traded in a range of $6.64 to $12.54 and is now at $6.97, 5% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 2.6%.

SmarTrend is tracking the current trend status for Cleveland-Cliffs Inc and will alert subscribers who have CLF in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders :clf cleveland-cliffs inc

Ticker(s): CLF