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- Cleveland Cliff stock price may see a strong gains in the next quarter
- Technical indicators of CLF suggest a consolidated trend in price. It is currently trading near $16
Cleveland-Cliffs Inc is a leading mining and natural resource company in the world. It was founded in 1847 and has a long history of producing iron ore and other minerals. TCurrently, Cleveland-Cliffs is a global leader in the production of iron ore pellets, which are used in the production of steel.One of the key factors which has contributed to Cleveland-Cliffs’ success is its focus on innovation and technology.In addition to its iron ore operations, Cleveland-Cliffs also has a significant presence in the coal and renewable energy sectors. The company owns and operates several coal mines, as well as a number of wind and solar power facilities.Cleveland-Cliffs has a strong commitment to sustainability and has implemented a number of initiatives to reduce its environmental impact. It includes efforts to reduce greenhouse gas emissions, water usage, and waste generation.
CLF has a market cap of over $8.37 Billion and has an EPS of 4.33.CLF stock price is down by more than 50% from its all time high. Various analysts are suggesting a strong upside trend in the future.
Technical Indicators Are Not Favoring CLF Bulls
Cleveland Cliff stock price has seen a drop in the price in the past few months. The weekly technical chart of the CLF suggests a consolidated trend in price. On coming to the daily chart the asset price is trading near $16 and has seen a drop of more than 6%. The upside trend of CLF can see a halt near $20.The downside trend of CLF stock price can see a halt near $12.It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high.
Conclusion
CLF stock price has been in a downward trend for a long time. CLF stock price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$12
Major Resistance:$20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
