CLF closes within prior day's range
Cleveland-Cliffs Inc. (CLF) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
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):
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.