Cleveland-Cliffs Stock Forecast
Cleveland-Cliffs stock price ended at $20.81 on Friday, after losing 0.0960%.
(Updated on Apr 19, 2024)
The Cleveland-Cliffs stock price fell by -0.0960% on the last day (Friday, 19th Apr 2024) from $20.83 to $20.81. During the last trading day the stock fluctuated 2.42% from a day low at $20.52 to a day high of $21.02. The price has fallen in 7 of the last 10 days and is down by -6.47% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 million shares and in total, 7 million shares were bought and sold for approximately $150.60 million.
Given the current short-term trend, the stock is expected to rise 16.50% during the next 3 months and, with a 90% probability hold a price between $24.24 and $27.35 at the end of this 3-month period.
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CLF Signals & Forecast
There are few to no technical positive signals at the moment. The Cleveland-Cliffs stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $21.27 and $21.30. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -8.85%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Cleveland-Cliffs stock
Cleveland-Cliffs finds support from accumulated volume at $20.36 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.498 between high and low, or 2.42%. For the last week, the stock has had daily average volatility of 3.02%.
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 Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Cleveland-Cliffs Inc. to open at $20.78, and during the day (based on 14 day Average True Range), to move between $20.19 and $21.43, which gives a possible trading interval of +/-$0.622 (+/-2.99%) up or down from last closing price. If Cleveland-Cliffs Inc. takes out the full calculated possible swing range there will be an estimated 5.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $20.96 (0.72%) than the support at $20.36 (2.16%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Earnings coming up
Cleveland-Cliffs will release earnings AMC on Monday, April 22, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.190. We will update the financials statements for Cleveland-Cliffs, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.12% in the first trading day after earnings release.
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.
Current score: -2.309 Sell Candidate Unchanged
Predicted Opening Price for Cleveland-Cliffs Inc. of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $20.78 ( 0.140%) | $20.81 |
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 | 21.28 | 2.25 % | |
| R2 | 21.09 | 1.34 % | ||
| R1 | 20.97 | 0.773 % | ||
| Current price: | 20.81 | |||
| Support | S1 | 20.59 | -1.05 % | |
| S2 | 20.47 | -1.62 % | ||
| S3 | 20.28 | -2.53 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.91 | 5.29 % | |
| R2 | 21.21 | 1.92 % | ||
| R1 | 20.96 | 0.721 % | ||
| Current price | 20.81 | |||
| Support | S1 | 20.36 | -2.16% | |
| S2 | 20.13 | -3.27% | ||
| S3 | 19.87 | -4.52% |
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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