Cleveland-Cliffs (CLF) Just Reclaimed the 50-Day Moving Average
Cleveland-Cliffs (CLF) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLF broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, CLF has gained 19.9%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
Once investors consider CLF's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on CLF for more gains in the near future.
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This article originally published on Zacks Investment Research (zacks.com).
