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Cleveland-Cliffs Inc Falls 7.47% on Heavy Volume: Watch For Potential Rebound

By Nick Russo

Cleveland-Cliffs Inc (:CLF) traded in a range yesterday that spanned from a low of $4.37 to a high of $4.70. Yesterday, the shares fell 7.5%, which took the trading range below the 3-day low of $4.40 on volume of 6.4 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

In the past 52 weeks, shares of Cleveland-Cliffs Inc have traded between the current low of $4.37 and a high of $11.61 and are now at $4.46. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.8% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Cleveland-Cliffs Inc on January 13th, 2020 by issuing a Downtrend alert when the shares were trading at $7.63. Since that call, shares of Cleveland-Cliffs Inc have fallen 36.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders :clf cleveland-cliffs inc

Ticker(s): CLF