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 on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On Monday morning, November 13, 2023, a full 5 trading sessions before the approaching November Options Expiration (OPEX) (11/17/23), I posted my chart-based commentary for our members:SPY-- Considering that Friday is November Option Expiration, where are the "magnetized strike prices" as we start OPEX week? Based on my attached Hourly Chart, the magnetized strike price zone spans from 436 to 441. Should SPY take out the upside barrier of 441, then the follow-through outlier magnetized target could be as high as 450 before or on Friday.
On October 23, 2023, ten days before the November 1st FOMC meeting and policy statement, I posted the following commentary about the downward-spiraling TLT (20+ year T-bond ETF):My attached 4-hour Chart of TLT shows that the relentless and near-vertical downtrend that commenced at the beginning of August from around 100 hit a new long-term low at 81.92 this AM, positioning it in my intermediate-term optimal downside target zone from 80 to 82.
On the afternoon of September 25, Mike Paulenoff posted a warning signal to MPTraders members about the developing acute oversold condition in RTX (formerly Raytheon Technologies), writing:"RTX (formerly Raytheon Technologies) hit a new multi-month corrective low of 71.02, down 33% from the 4/10/23 post-pandemic High at 106.02. Although RTX has violated my optimal target window of 73-75, the stair-step corrective pattern off of the 4/19/23 high at 104.
On October 3, Mike Paulenoff posted the following "Heads Up!" about GLD (SPDR Gold Trust, ETF) for MPTrader members: "GLD has pressed to an important technical inflection window from 169.50 down to 166.30, from where I will be expecting corrective downside exhaustion off of the 5/04/23 high at 191.36, and new buying interest. From a nearer-term perspective, given the acute oversold but CONFIRMED Momentum reading of 17.16 an hour ago, my preferred scenario argues for another loop down that marginally violates today's low at 168.
On September 28, 2023, with NVDA trading at 429.31, I told MPTrader members that my work is warning me about a complex technical setup that argues for a prolonged corrective scenario prior to a resumption of dominant uptrend strength. I posted the following:My near-term pattern and momentum work argue that since its 9/21/23 corrective low at 409.
