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Cliffs Natural Resources Bullish Moving Average Crossover Alert (CLF)

Published on Thu, 01/31/2013 - 12:14
By Mallory Stone

Today, shares of Cliffs Natural Resources (NYSE:CLF) have crossed bullishly above their 10-day moving average of $36.58 on a volume of 3.1 million shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.

There is potential upside of 18.4% for shares of Cliffs Natural Resources based on a current price of $36.85 and an average consensus analyst price target of $43.62. The stock should hit resistance at its 200-day moving average (MA) of $43.11, as well as support at its 50-day MA of $34.32.

Cliffs Natural Resources share prices have moved between a 52-week high of $77.67 and a 52-week low of $28.05 and are now trading 31% above that low price at $36.85 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has remained constant.

Cliffs Natural Resources Inc. is a diversified mining and natural resources company. The Company mines for iron ore and coal in locations across North America, South America, and Australia.

By Mallory Stone
mstone@fnno.com