Stock Of The Day / 12.13.24 / CLF12.13.2024 / NYSE:CLF
Fundamentals. The news background is neutral.
Technical analysis.
Daily chart: Downtrend. The previous day closed below 11.00 - the level of the last trend break. We also draw the previous day's low 10.77. The level 10.21 formed by the trend break in September is ahead.
Premarket: no activity.
Trading session: The price is in accumulation above the 10.77 level after an unsuccessful attempt to return beyond the 11.00 level at the beginning of the trading session. Then price continued to tighten to 10.77 after an unsuccessful attempt to reverse to long at 10:30 a.m. We consider a short trade in continuation of the movement.
Trading scenario: breakdown (tightening) of the 10.77 level
Entry: 10.75 aggressive entry upon breakdown of the level.
Stop: 10.81 we hide it behind the previous accumulation high.
Exit: We observe a smooth movement without significant pullbacks after the breakdown. With due patience, you can reach 10.21 or close the trade in parts in accordance with your trading system.
Risk Rewards: 1/8
