Cleveland‑Cliffs, Inc. (NYSE: CLF) – Steel Producer Showing Early Breakout Signs
Why Watch It Tomorrow
Cleveland‑Cliffs has just posted a meaningful technical upgrade—its Relative Strength (RS) Rating jumped from 77 to 84, signaling it’s outperforming many peers. Stocks that cross above RS 80 often lead in upcoming moves.
CLF is forming a cup‑without‑handle pattern, with a potential buy point around $11.96. If price breaks that level with strong volume, it could trigger a solid breakout.
While its recent earnings were flat and revenues declined slightly (~3%), the setup is attracting attention due to its leadership within the Steel‑Producers industry—where it ranks about #7 among competitors.
Key Drivers
| Catalyst | Insight |
|---|---|
| RS Rating → 84 | Moves past the 80 threshold, showing relative leadership & potential momentum. |
| Chart Pattern | Cup‑without‑handle pattern gives a clear structure with a defined buy point. |
| Industry Rank | Despite weaker recent sales, CLF is among top names in the Steel sector. |
| Volume Confirmation | A breakout needs solid volume to make it reliable; watch for a surge. |
Final Take
Cleveland‑Cliffs is setting up as a potential breakout candidate. The RS rating upgrade puts it on the radar, and the chart pattern gives a clear trigger. If CLF can clear $11.96 with strong volume, it could be one of the more overlooked plays with upside Friday. Worth watching closely.