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Cliffs Natural Resources (CLF) Breaks Through Resistance at $37.72

Published on Fri, 02/01/2013 - 13:40
By Robert Cotter

Cliffs Natural Resources (NYSE:CLF) has opened bullishly above the pivot of $37.04 today and has reached the first level of resistance at $37.72. Should the shares continue to rise, the resistance pivots of $38.14 and $39.24 will be of interest.

Cliffs Natural Resources has overhead space with shares priced $37.76, or 13.4% below the average consensus analyst price target of $43.62. The stock should hit resistance at its 200-day moving average (MA) of $42.95, as well as support at its 50-day MA of $34.36.

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.

In the past 52 weeks, shares of Cliffs Natural Resources have traded between a low of $28.05 and a high of $77.67 and are now at $37.76, which is 35% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 0.2%.

By Robert Cotter
rcotter@fnno.com