Market Overview

Cleveland-Cliffs Has A Bullish Technical Setup

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VantagePoint Trading Software is a forecasting tool that uses both end of day data and artificial intelligence to provide traders a forecast of market movement. These forecasts are 1-3 days in advance and help traders improve their timing on making trades and maximizing profit potential. The artificial intelligence software forecasts market movement for stocks, futures, forex, ETFs, and cryptocurrencies. 

The VantagePoint Trading Journal On Cleveland-Cliffs Inc

The VantagePoint platform recently indicated a potential upside breakout in Cleveland-Cliffs Inc (NYSE: CLF) could be forming due to a bullish crossover on February 9.

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Using the predictive indicators embedded within the VantagePoint platform and its predictive AI technology, we will point out two significant things. First, we have a bullish crossover indicated by the blue predictive indicator line crossing above the black, simple 10-day moving average on February 9. The crossover of those two lines indicates that CLF's predicted moving average will begin to move higher than it's lagging 10-day average. In other words, the stock will likely go up. 

We can combine that with the VantagePoint propriety neural index indicator moving from the red to the green position also on that date. This indicator measures strength and weakness for a 48-hour period. The move to the green position indicates strength, and further makes the case for a potential bullish scenario.

Like the rest of the market, steel stocks are bouncing off the lows from last week's sudden volatility. Cleveland-Cliff's caught an upgrade from Credit Suisse, to Outperform from Underperform, on Feb. 7. The stock is up 3.5 percent on Wednesday as of this writing. 

VantagePoint is an editorial partner of Benzinga. For a free demo of the platform, click here.

Posted-In: vantagepointLong Ideas Technicals Markets Trading Ideas General

 

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