Wyckoff Analysis of Cliffs Natural Resources $CLFBarron's published a list of value stocks in this week's edition. There are some nice charts and some ugly ones (see Transocean $RIG). One of the best setups, I'm my opinion, belongs to Cliffs Natural Resources $CLF. I have attached the weekly chart and labeled the classic Wyckoff psychological events. This chart is a classic bottoming pattern with a well defined exit point if $CLF cannot hold price.
Trade ideas
CLF: Typical Bottoming Behavior, a potential long in 2014?A long term Trend line break, accompanied with a period of high volume levels, which is a typical accumulation phenomena, price then managed to break the long term 52-week average and forming a potential inverse head and shoulders.
Having that said, i am looking for a turnaround and further gains for CLF in 2014.
CLF looks great here!This appears to be shaping up for a great long opportunity. Perfect bullish bat, inside of what I believe to end up being a perfect bearish bat. You can draw all your own fibs to see that these patterns are perfect. I drew them on here but it made the chart far to messy. Happy trading!