Credit: Shutterstock photoCliffs Natural Resources Inc. (NYSE: CLF ) - Formerly Cleveland-Cliffs Inc., this international mining and natural resources company produces iron ore pellets and metallurgical coal. The company should benefit from a strong market position in North America and a platform for expansion to Asia.
On Oct. 6, with the stock at $66.25, the Trade of the Day said, " Technically the stock is in a powerful bull market, holding above both its bullish support line and 200-day moving average . Within the past month, two buys signals were triggered from our internal indicator, the Collins-Bollinger Reversal (CBR), and on Sept. 27, the stochastic issued a buy signal.
At that time, I gave a technical target of $75, and said that S&P had a "four-star buy" on the stock with a 12-month target of $78.
On Oct. 29, S&P reiterated their rating, and since then the stock has flashed a new CBR buy and a new stochastic buy.
If you have questions or comments for Sam Collins, please e-mail him atsamailc@cox.net.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
