Cliffs Natural Resources
Another stock that's starting to move within range of triggering a near-term breakout trade is Cliffs Natural Resources ( CLF), a mining and natural resources company that produces iron ore pellets, fines and lump ore, and metallurgical coal. This stock has been hammered by the sellers so far in 2013, with shares off by 47%.
If you look at the chart for Cliffs Natural Resources, you'll notice that this stock recently formed a double bottom chart pattern at $15.50 to $15.41 a share. Following that bottom, shares of CLF have started to uptrend strong, with the stock moving higher from its low of $15.41 to its intraday high of $20.50 a share. During that uptrend, shares of CLF have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CLF within range of triggering a near-term breakout trade.
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