CLF closes within prior day's range

Cleveland-Cliffs Inc. (CLF) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team


CLF closes within previous day's range


CLF finished the month 19.18% higher at 5.22 after gaining $0.06 (1.16%) today on low volume, outperforming the S&P 500 (0.48%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (CLF as at May 29, 2020):

Daily technical analysis candlestick chart for Cleveland-Cliffs Inc. (CLF) as at May 29, 2020

Friday's trading range has been $0.32 (6.29%), that's slightly below the last trading month's daily average range of $0.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CLF.

Prices are trading close to the key technical resistance level at 5.45 (R1).

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might accelerate should prices move above the nearby swing high at 5.58 where further buy stops could get triggered.

Market Conditions for CLF as at May 29, 2020

Loading Market Conditions for CLF (Cleveland-Cliffs Inc.)...
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CLF finds buyers at key support level

Jul 14, 2020
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