Cleveland-Cliffs Stock Forecast
Cleveland-Cliffs stock downgraded from Sell Candidate to Strong Sell Candidate after Monday trading session.
(Updated on Mar 18, 2024)
The Cleveland-Cliffs stock price gained 1.57% on the last trading day (Monday, 18th Mar 2024), rising from $19.76 to $20.07. During the last trading day the stock fluctuated 2.17% from a day low at $19.78 to a day high of $20.21. The price has fallen in 6 of the last 10 days and is down by -1.71% for this period. Volume fell on the last day by -218 thousand shares and in total, 7 million shares were bought and sold for approximately $140.72 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 3.88% during the next 3 months and, with a 90% probability hold a price between $18.97 and $22.05 at the end of this 3-month period.
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CLF Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cleveland-Cliffs stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $20.27 and $20.08. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, March 01, 2024, and so far it has fallen -4.79%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Cleveland-Cliffs stock
Cleveland-Cliffs finds support from accumulated volume at $20.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.430 (2.17%) between high and low. For the last week, the stock has had daily average volatility of 3.53%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CLF) For The Upcoming Trading Day Of Tuesday 19th
For the upcoming trading day on Tuesday, 19th we expect Cleveland-Cliffs Inc. to open at $20.02, and during the day (based on 14 day Average True Range), to move between $19.43 and $20.71, which gives a possible trading interval of +/-$0.640 (+/-3.19%) up or down from last closing price. If Cleveland-Cliffs Inc. takes out the full calculated possible swing range there will be an estimated 6.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $20.05 (0.10%) than the resistance at $20.13 (0.30%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cleveland-Cliffs Inc. stock A Buy?
The Cleveland-Cliffs stock holds several negative signals and despite the positive trend, we believe Cleveland-Cliffs will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.609 Strong Sell Candidate Downgraded
Predicted Opening Price for Cleveland-Cliffs Inc. of Tuesday, March 19, 2024
Fair opening price March 19, 2024 | Current price |
---|---|
$20.02 ( 0.249%) | $20.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CLF
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 20.45 | 1.89 % | |
R2 | 20.29 | 1.07 % | ||
R1 | 20.18 | 0.569 % | ||
Current price: | 20.07 | |||
Support | S1 | 19.86 | -1.07 % | |
S2 | 19.75 | -1.57 % | ||
S3 | 19.59 | -2.39 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 21.15 | 5.38 % | |
R2 | 20.36 | 1.44 % | ||
R1 | 20.13 | 0.299 % | ||
Current price | 20.07 | |||
Support | S1 | 20.05 | -0.0997% | |
S2 | 19.87 | -1.00% | ||
S3 | 19.17 | -4.48% |
CLF Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 18, 2020 | Apr 02, 2020 | Apr 15, 2020 | $0.0600 | 1.58% |
2 | Dec 02, 2019 | Jan 02, 2020 | Jan 15, 2020 | $0.0600 | 0.769% |
3 | Sep 03, 2019 | Oct 03, 2019 | Oct 15, 2019 | $0.100 | 1.36% |
4 | May 31, 2019 | Jul 03, 2019 | Jul 15, 2019 | $0.0600 | 0.563% |
5 | Feb 20, 2019 | Apr 04, 2019 | Apr 15, 2019 | $0.0500 | 0.488% |
FAQ
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