If history is any guide, there may be good fortune ahead for shares of Cleveland-Cliffs CLF. A so-called "golden cross" has formed on its chart and, not surprisingly, this could be bullish for the stock.
What To Know: Many traders use moving average crossover systems to make their decisions.
When a shorter-term average price crosses above a longer-term average price, it could mean the stock is trending higher. If the short-term average price crosses below the long-term average price, it means the trend is lower.
Why It's Important: The 50-day and the 200-day simple moving averages are commonly used.
The golden cross occurs when the 50-day crosses above the 200-day. This could mean the long-term trend is changing.
That just happened with Cleveland-Cliffs, which is trading around $20.93 at publication time.
Remember: Seasoned investors don't blindly trade Golden Crosses.
Instead, they use it as a signal to start looking for long positions based on other factors, like price levels and company fundamentals & events.
For seasoned investors, this is just a sign that it might be time to start considering possible long positions.
With that in mind, take a look at Cleveland-Cliffs's past and upcoming earnings expectations:
| Quarter | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 |
|---|---|---|---|---|
| EPS Estimate | 0.55 | 1.32 | 1.40 | 2.12 |
| EPS Actual | 0.29 | 1.31 | 1.71 | 1.78 |
| Revenue Estimate | 5.82B | 6.15B | 5.46B | 5.73B |
| Revenue Actual | 5.65B | 6.34B | 5.96B | 5.35B |
Also consider this overview of Cleveland-Cliffs analyst ratings:
Do you use the Golden Cross signal in your trading or investing? Share this article with a friend if you found it helpful!
This article was generated by Benzinga's automated content engine and reviewed by an editor.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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