CLF had a great earnings release and the market rewarded it handsomely. It took out the previous weekly cycle at 10.90 without any hesitation. It is currently only in the 2nd week of the weekly cycle. Right now it is 14th day into the daily cycle. It is in the correction phase to digest the overbought condition that was caused by the
Due to the weakness of the general market, CLF is not able to meet our target. Time to get out. We issued an alert to get out the remaining 2/3 positions at open today. We got out @9.27 at open today. Members took profit for 1/3 of the positions overnight for over 7% profit on Jan. 11, 2017. Some of our members, heeded our stern warning
We recommend take partial profit for 1/3 of the position today. This partial profit taking generated more than 7% overnight. This is a member blog. Please join us to see the detailed information.
Due to the weakness in the general markets and the fact that CLF is in the late stage of the weekly cycle, we recommend caution and take some profits.
CLF is in the process of coming out the weekly alpha cycle low. When it takes out the prior swing high at 9.08, it’s a confirmation that CLF will rally for the next 5-8 trading days. Long entry@9.08, price target 10.56-11.96. Time target Jan 19, 2019. Get out of the trade by Jan 19, 2017 the latest regardless if the price target is fulfilled. Stop loss 8.28.
