Long Position on CLF @ $25.00 on 10/27/2021 (Momentum)

Cleveland-Cliffs Inc. (CLF) operates as a flat-rolled steel producer in North America. It also manufactures iron ore pellets.

The company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing.

It serves a range of markets through offering of flat-rolled steel products and supplies steel to the automotive industry.

The company was formerly known as Cliffs Natural Resources Inc. and changed its name to Cleveland-Cliffs Inc. in August 2017. Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio.

Please note, this stock reported earnings on Friday, October 22.

Cleveland-Cliffs reported 3rd Quarter September 2021 earnings of $2.33 per share on revenue of $6.0 billion. The consensus earnings estimate was $2.23 per share on revenue of $5.7 billion. Revenue grew 264.8% on a year-over-year basis.

As the stock moves above its 50-day moving average, this stock should see an increase in share prices as this fast-paced stock moves towards an attractice buy point.

Entry Point: $25.00

Trading Range: $7.59 - $26.51

Stop Loss: $23.75

Target Price: $27.50

Updates

12/28/2021 12:09:17 PM

CLF closed at $20.50

Position closed on 12/28/2021 at price of $20.50 with a -18.00% loss in 62 days.

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