CLF Appears to be Emerging From a Huge Base Pattern

Cliffs Natural Resources Inc. (CLF) has surged to a new recovery and 7-month high today, as it starts to accelerate to the upside after completing the “handle” portion of its multi-month cup & handle pattern.

As long as CLF holds above 34.00-23.80 on any forthcoming weakness, it should be in the sweet spot of a new upleg that accelerates towards a test of the Aug high at 25.95 next, on the way to 28.00, and possibly, thereafter, to 32.00.