• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing

Cleveland-Cliffs Has Been Putting the Pedal to the Metal

The charts now show new targets for CLF.
By BRUCE KAMICH
Jun 10, 2021 | 03:35 PM EDT
Stocks quotes in this article: CLF

We looked at Cleveland-Cliffs (CLF)  on May 6 and recommended that "CLF continues to move up nicely and with the trade at $21 we can suggest raising the sell stop to $16.50 from $15.00. The new Point and Figure charts (above) give us new targets of $25 and $33. Stay long."

 
Prices have rallied strongly Thursday, so let's grab those charts again. 
 
In this daily bar chart of CLF, below, we can see how prices have soared upward on Wednesday and now. Prices are well above the rising 50-day and 200-day moving average lines. Trading volume has expanded and that is bullish and the simple, math-driven On-Balance-Volume (OBV) line is strong. The Moving Average Convergence Divergence (MACD) oscillator has turned upward to a new outright-buy signal. 
 
 
In this weekly Japanese candlestick chart of CLF, below, we can see that prices are extending the gains from the pandemic low. Prices are trading above the rising 40-week moving average line. The weekly On-Balance-Volume (OBV) line looks like it is turning upward again. The MACD oscillator has been neutral the past three months but a new buy signal seems to be at hand. 
 
 
In this daily Point and Figure chart of CLF, below, we can see the recent upside breakout and a new price target of $35.  
 
 
In this weekly Point and Figure chart of CLF, below, we can see a price target of $76 now. Impressive. 
 
 
 
Bottom line strategy: Continue to hold longs from previous recommendations. Raise stops to $19 from $16.50. The $35 area is our first price target now followed by $76.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Technical Analysis | Construction & Engineering | Metals & Mining | Industrials | Real Money

More from Investing

Market Looks Good from Above, Poor From Below

James "Rev Shark" DePorre
Jun 29, 2022 4:21 PM EDT

The major indexes held up well, but underneath, it wasn't pretty.

This FAANG Stock's Technicals Are at a Summer Crossroads

Bob Lang
Jun 29, 2022 3:30 PM EDT

Summer is a time when this name usually gains momentum. Will it this time?

Kass: Untapped Homeowners Equity and Imbedded Gains Will Be a Ballast to Growth

Doug Kass
Jun 29, 2022 3:00 PM EDT

Homeowners equity has more than tripled in the last decade.

Can Pinterest Poke Through the Charts and Rally?

Bruce Kamich
Jun 29, 2022 2:48 PM EDT

With a CEO change in the mix, shares hit, and a social media under watch, let's see whether PINS could move the needle.

Let's Process Nvidia's New Low

Bruce Kamich
Jun 29, 2022 1:47 PM EDT

NVDA moves down, so let's check the charts -- and see why we should take too much bearishness with a grain of salt.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 04:51 PM EDT PAUL PRICE

    We should be in for better starting soon.

    Window dressing tomorrow, the last day of ...
  • 11:56 AM EDT STEPHEN GUILFOYLE

    Stocks Under $10

    Check out what's going on in the Stocks Under $10 ...
  • 12:04 AM EDT PAUL PRICE

    Two Good Signs -- Especially for Small-Cap Investors

  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login