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Cliffs Natural Resources(CLF - Get Report) is an iron ore producer and a producer of metallurgical coal. This stock is trading up 5.6% at $40.53 in recent trading.
Today's Volume: 4.85 million
Average Volume: 6.7 million
Volume % Change: 50%
From a technical perspective, CLF is bouncing higher here right around some near-term support at $37.50 with decent volume. This move has also started to push CLF back above its 50-day moving average of $40.26, and it's pushed the stock above some near-term overhead resistance at $40.35.
Traders should now look for long-biased trades in CLF as long as it's trending above its 50-day with strong upside volume flows. I would consider any upside volume day that registers near or above 6,679,460 shares. If CLF can maintain its trend above its 50-day, and especially above $40.35, then this stock will setup to re-test and possibly take out its next significant overhead resistance levels at $43.44 to $46.83.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.