Cleveland-Cliffs Inc. (NYSE: CLF): CLF is in one of the "recovery stock" groups, and we are watching those as they continue to set up and move up. It is not always like clockwork -- this market is no longer that way -- but we can find plenty of stocks that make strong moves from good setups.
CLF made one of those strong moves at the beginning of May. First, we saw the stock make a quick test of the 10-day EMA intraday and recover. When it continued higher on May 7, we bought the stock for $20.89. We held it over the weekend. Then, CLF surged upside on Monday. We then sold the position for $22.20 and banked a 6.27% gain.
During that session, CLF peaked out and sold back to the 20-day EMA in a very nice fade. Of course, we will be looking at another play on a new sharp move off of this test in what is still a very good pattern.
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