Nearest Support: $17
Catalyst: Technical Setup Vale ( VALE - Get Report) is seeing some strong volume of its own today, as traders watch closely for Vale to test a critical support level at $17. Shares of the $87 billion metal mining stock have been slammed since the start of the new year, and today's price action is threatening sending the stock even lower. $17 has acted as a strong price floor for VALE over the course of the last six months, but if shares push below it, traders have a signal that this stock can't catch a bid anymore.
Nearest Support: N/A
Catalyst: Analyst Downgrade Another mining company, Cliffs Natural Resources ( CLF - Get Report), is getting sold off today as well. The mid-cap iron ore and coal producer is down around 6% after Goldman Sachs changed its rating on the firm to "sell." After the beating that the basic materials sector has taken in the last few months, many sellers were looking for any excuse to get out of a stock like CLF -- Goldman's analyst rating was as good an excuse as any. Worse, sell ratings are rare enough on Wall Street to justify an exodus when a stock gets downgraded that hard. The move is pushing CLF to new 52-week lows today. If you still own this stock, it's worth reconsidering - this downtrend isn't slowing down. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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