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Cliffs Natural Resources (CLF) Approaches New Upside Target of $22.65

Published on Mon, 09/16/2013 - 09:35
By Peter Chu

Shares of Cliffs Natural Resources (NYSE:CLF) opened today above their pivot of $22.03 and have already reached the first level of resistance at $22.36. Should the shares continue to rise, the resistance pivots of $22.65 and $23.27 will be of interest.

Cliffs Natural Resources share prices have moved between a 52-week high of $46.50 and a 52-week low of $15.41 and are now trading 45% above that low price at $22.38 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.4%.

Based on a current price of $22.38, Cliffs Natural Resources is currently 13.2% above its average consensus analyst price target of $19.43. The stock should find resistance at its 200-day moving average (MA) of $24.36, as well as support at its 50-day MA of $20.52.

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 Peter Chu