Did You Anticipate CLF's 24% Move?
by Mike Paulenoff
June 13, 2021 • 9:55 AM EDT
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.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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