CLIFFS UP 25% SINCE YE 2018 AS INFRASTRUCTURE BEGINS TO DRAW ATTENTION AGAIN
Business Summary (yahoo Finance)
Cliffs Natural Resources Inc., a mining and natural resources company, produces and supplies iron ore. The company operates five iron ore mines in Michigan and Minnesota; and Koolyanobbing iron ore mining complex located in Western Australia, which produces lump and fines iron ore. It also own two iron ore mines in Eastern Canada. Cliffs Natural Resources Inc. sells its iron products to integrated steel companies and steel producers in the United States, China, Canada, and internationally. The company was formerly known as Cleveland-Cliffs Inc. Cliffs Natural Resources Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.
CURRENT CHART: As of CLOSE 01-25-19
Cliffs Natural Resources was up 7.74% on Friday (01-25-19) being the biggest move of all our SII instruments. CLF is up 24.97% since December 31, 2018.
Cliffs has a high Beta of 1.65 within MATASII's highest Beta group, that of Infrastructure with 1.36 overall. Therefore major moves are normal and can be expected when they happen.
MATASII SII ORIGINAL ANALYSIS: CLF Cliffs Natural Resources: May 23rd, 2018
At the beginning of 2017 CLF broke out of an expanding wedge pattern and moved to a sideways consolidation (weekly chart, left). The boundaries of the sideways move offer potential trigger considerations, and these have been highlighted with solid orange. A price level of $9.50 has been given for the upper boundary, however note that the s/r is on a slight slope, and it is ultimately the break of the resistance that we are watching for. The same is true wrt the lower support and the $5.70 price given.
Previous highs and a blue (weekly) s/r zone above the market are the first target technicals to look towards ($11.50 - $12.00) if the market breaks up. IF we see a fall off and a break down through the lower supporting s/r then we would be looking towards the unfilled gap as a potential target level ($3.00).
Dashed arrows offer technical trigger considerations and potential moves to the next technical. Caution is advised when considering the technicals inside the sideways move as any of them could cause a market reaction (ie. reversal) when met.