May 02, 2011 (SmarTrend(R) News Watch via COMTEX) — Cliffs Natural Resources (NYSE:CLF) traded in a range yesterday that spanned from a low of $93.05 to a high of $97.03. Yesterday, the shares fell 2.97%, which took the trading range below the 3-day low of $94.43 on volume of 5.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of Cliffs Natural Resources are currently trading below their 50-day moving average (MA) of $94.68 and should find support at their 200-day MA of $75.86. Look for the MA to provide resistance for a short-term rebound in the shares.
Cliffs Natural Resources Inc. is a diversified mining and natural resources company. The Company mines for iron ore and coal in locations across North America, South America, and Australia.
SmarTrend expects the share price to rebound toward the $94.43 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Steel & Iron industry.
Write to Chip Brian at [email protected]
