Did You Anticipate CLF's 24% Move?
On May 27, Mike Paulenoff posted the following bullish commentary about iron ore producer Cleveland-Cliffs (CLF):
"CLF is up 6.7% today precipitated by the company's announcement that it intends to pay off a slug of debt of holders of Senior Notes due in March 2025! There is nothing Wall Street loves more than profits, but a close second is reduction in debt. Technically, CLF's U-Turn off of Monday's low at 17.65 has the right look of the completion of a significant correction from the 5/10 high at 22.90, and as such, CLF has pivoted into a new upleg with its larger, 14 month advance from the March 2020 low at 2.63. My next target zone dovetails with the TP of Credit Suisse at 24.00."
Fast-forward two weeks later to this past Thursday. CLF, which had been trading at 20.03 at the time of Mike's alert on May 27, climbed to multi-year new all-time high at 24.68, up nearly 24% since his alert.
What next for CLF?
Mike's current technical work indicates that CLF still has unfinished business on the upside, into the 25.00-25.40 next target zone, perhaps en route to a 27 "handle" thereafter, but not in a straight line.
Join Mike at mptrader for his real time intraday chart work, commentary, and discussion with members about set-ups and opportunities in CLF, as well as many other individual stocks, ETFs, macro indices, cryptocurrencies, commodities, and precious metals and miners.
More Top Calls From Mike
Back on July 5, Mike Paulenoff alerted MPTrader members to the bullish potential in MRNAs chart.
With the stock trading at 154.68, he showed the charts projection towards resistance at the March 22 high of 188.33, writing: Just maybe, the 6 month base-accumulation period and pattern carved out by MRNA during 2022 after a wicked corrective-bear phase is starting to make its presence felt technically.
Back on July 17, with ARKK trading at 44.22, Mike Paulenoff commented:
ARKK (Cathie Wood ARK Innovation Fund) ... my attached 4 Hour Chart shows the price structure has carved out a May-July Rounded Bottom formation that is putting upward pressure on a key resistance zone from 46.70 to 48.12, and if hurdled, will trigger upside projections to 58-60...
Since then ARKK in fact climbed to a new 7-week recovery high at 49.
Back on Thursday, July 7, 2022, this is what Mike Paulenoff discussed with MPTrader members about the ARK Innovation ETF (ARKK):
Its Time to take a look at the technical setup in ARKK, putting aside the miserable narrative that surrounds ARK fund manager Cathie Woods performance from the February 2021 ATH at 159.70 to the May 2022 low at 35.10 (-78%).
Back on the afternoon of June 30, just ahead of the long July 4th holiday weekend, Mike Paulenoff posted to the MPTrader.com Coverage List the following chart-based commentary about a forthcoming directional price move in the SPY (SPDR SP 500 ETF Trust), which was trading at 379.38 at the time:
From the perspective of my Hourly SPY setup, todays low at 372.56 followed by the powerful rally to an intraday high at 380.
Back on June 17th, this is what we discussed about the TLT (20+ Year T-bond ETF)when it was trading at 112.53:
The TLT put in a big upside reversal day yesterday (6/16/22) from 107.80 to 111.72, closing RIGHT AT the High of 111.72, leaving behind a Bullish Engulfing Candle on my Daily Chart (not shown here). The last time TLT traded at 107.