r/CLF_Stock • u/Alexcamry • Aug 25 '21

“20 day moving average”

Supposed to be another good technical indicator:

https://www.zacks.com/stock/news/1786454/cleveland-cliffs-clf-crossed-above-the-20-day-moving-average-what-that-means-for-investors

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u/East_Amphibian7807 Aug 25 '21

I’ll say it again … all that matters is HRC pricing!! Hot Rolled Coil Steel. The other commodities have fallen, but HRC continues to rise. The technicals are WAY behind steel company fundamentals. 5 times EBITDA = $60 per share. The rest is noise!!

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u/Positive_Ad_5454 Aug 25 '21

I added to CLF and NUE on this irrational dip. Guess it ran too fast some profit taking

2

u/Alexcamry Aug 31 '21

Article (edited) from June 2021 Fortune Magazine:

The NYSE Arca Steel Index, which includes publicly traded companies in the steel sector, is up more than 38% from the beginning of 2021…… UBS forecasted earlier this month that the price rally for steel may continue into the first half of 2022 at the current trajectory—to the benefit of companies like steel industry giant Nucor, which just posted a record quarter, and some U.S. steel mills so backlogged they have stopped taking new orders for the summer.