Commodity Stocks Bounce

This morning a few of the leading commodity stocks are bouncing higher. The devastation in Japan will require the country to rebuild its damaged infrastructure.

Cliffs Natural Resources Inc.CLF is trading higher this morning by $1.13 to $86.25 a share. Short term traders should watch for resistance around the $88.90 - $90.00 area. Should the stock rally further throughout the session the next important intra-day resistance level will be around the $90.30 level. Scalp traders can look for pullbacks around both of these levels.

United States Steel Corp.X is trading higher this morning by $1.90 to $54.65 a share. This stock seems to be rebounding from a short term oversold condition on the daily charts. Traders should watch for resistance around the $55.50 and $56.00 levels. Both levels could see small pullbacks from these levels intra-day.

Southern Copper Corp.SCCO is trading higher by 0.33 to $38.98 a share. Short term traders can watch the $39.50 area as an intra-day resistance level. Should Southern Copper stock rally further the $40.00 level would be the next important intra-day resistance level for the stock.

Nicholas Santiago
InTheMoneyStocks.com