Cleveland-Cliffs (CLF) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLF broke through the 200-day moving average, which suggests a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
CLF could be on the verge of another rally after moving 19.9% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Looking at CLF's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 5 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on CLF for more gains in the near future.
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This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
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