CLF stock price (NYSE: CLF) fell 16% (approx.) in the current month and broke down the crucial support of $15.00. CLF stock price formed a bearish pattern and erodes the gains generated in the past few months.
Cleveland Cliffs stock price faced rejection from the 200-day EMA and slipped below the 50-day EMA. It shows the short-term as well as long-term trend is in a downward direction.
At the beginning of June, CLF stock took support near $13.00 and prices showed a bounce back. Later, prices took a U-turn and managed to climb above the 50-day EMA. It triggered the positive sentiment and created hope for a bullish trend reversal.
CLF stock price rallied 18% (approx.) and reached $18.00. Cleveland Cliffs released the previous quarter’s earnings on July 24, 2023. It reported an EPS of 0.67 and revenue of 5.984 Billion.
The company missed the EPS estimate by 2.96%. Luckily, it beat the revenue estimates by 3.25% due to which stock prices reacted positively. However, buyers failed to hold the higher levels and prices again reverted down.
Will CLF Stock Price Decline Further?
CLF stock price (NYSE: CLF) is in a correction phase but buyers are trying their best to rebound. Presently, the prices are near to crucial support. So, it will be interesting to see whether the buyers are able to defend the support or not.
Till CLF share price sustains above $13.00 the probability of bounce back remains high. However, the prices will pick up momentum when buyers are able to regain the 50-day EMA.
On the other hand, if the stock price drops below the $13.00 level then the next phase of decline might trigger.
CLF Stock Price Analysis on Weekly Timeframe
CLF stock price fell 9.04% in the previous week and formed a bearish candle. The broader market index is mildly bearish which might negatively impact the CLF share.
The MACD curve displayed a negative crossover and slipped below the zero line. The histogram bar is declining indicating the strength of bears and more downside is possible. The RSI at 31 is near the oversold territory due to which a temporary pullback may come.
Conclusion
CLF stock price (NYSE: CLF) fell 16% in August and bears continued their dominance on higher levels. The technical analysis suggests CLF share price is in bear grip and more downside is possible.
Technical levels
- Resistance levels: $16.00 and $18.00
- Support levels: $13.86 and $11.86
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/14/clf-stock-price-down-16-in-august-more-downside-pending/