United

Momentum

Steel

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Cleveland-Cliffs’ stock price closed at $14.43 while witnessing a gain of 0.63% during the intraday session.</a> </li> 
 <li> <span>2</span> <a>Cleveland-Cliffs clashed with United States Steel as the sale process got underway.</a> </li> 
 <li> <span>3</span> <a>The year-to-date return of CLF stock is 11.64%, while the weekly return is 1.19%.</a> </li> 
</ul> 
<p>Cleveland-Cliffs (CLF) stock price has been in a downtrend, forming lower lows, after facing rejection from $18 on 25 July 2023. The stock price melted nearly 19.90% from the July high of $18. CLF stock price is currently stuck in a consolidation zone between $13.85 and $14.65.&nbsp;</p> 
<p>The asset price has been consolidating for more than 10 days. The last candle closed as a Doji candle, facing rejection from the $14.65 resistance level with a long upper and lower wick. If the next candle can break the low of the last candle, CLF stock price might melt back to the recent support of $13.85.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="607" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-1024x607.png" alt="" class="wp-image-169964" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-1024x607.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-300x178.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-768x455.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-750x444.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616-1140x675.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-616.png 1362w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: CLF Stock Price By <a href="https://www.tradingview.com/x/LmWjIwHI/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>On the other hand, if bulls can push the price above $14.65, the stock price might rise toward the next resistance level of $15.60. However, the current scenario shows that the probability of a bullish move playing out is low due to the strong confluence of bears over the price. Traders should wait for a candle to close above $14.65 for the slight confirmation of the bullish move.</p> 
<h2 class="wp-block-heading" id="strong-will-cleveland-cliffs-acquire-us-steel-strong"><strong>Will Cleveland-Cliffs Acquire US Steel?</strong></h2> 
<p><a href="https://www.thecoinrepublic.com/2023/08/23/clf-stock-price-declined-over-6-constant-decline-a-trap/" target="_blank" rel="noopener noreferrer nofollow">Cleveland-Cliffs</a> has been trying to acquire US Steel and is backed by workers’ unions. Cleveland-Cliffs and United States Steel are both steel companies. Cleveland has proposed an offer of $7.3 Billion to acquire the United States Steel Corporation. The offer is based on $17.50 per share in cash and 1.023 stock of Cleveland Cliffs per US Steel share.</p> 
<p>The offer was worth $35 per share, a premium over the US steel closing price of $31.42. US Steel rejected the offer and started a formal review of its strategic options. US Steel has made the standstill agreement a condition to allow Cliffs to carry out due diligence and participate in its sale process.</p> 
<p>US Steel has received interest from “multiple other parties” in a potential deal involving the entire company or some of its assets but has not named them. ArcelorMittal is one of the parties working on a potential bid. If it can acquire US steel, cliffs would break into the world’s top 10 steel producers.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-will-clf-stock-break-above-14-65-strong"><strong>Will CLF Stock Break Above $14.65?</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="607" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-1024x607.png" alt="Source: CLF Stock Price By TradingView." class="wp-image-169965" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-1024x607.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-300x178.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-768x455.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-750x444.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617-1140x675.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-617.png 1362w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: CLF Stock Price By <a href="https://www.tradingview.com/x/W1UScrwP/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The CLF <a href="https://www.thecoinrepublic.com/2023/08/23/clf-stock-price-declined-over-6-constant-decline-a-trap/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has plunged below all the major exponential moving averages, indicating bearish momentum. The Chaikin money flow score has been hovering below the 0 mark since 5 September and stands at -0.22, indicating intense weakness in the market. However, the relative strength index has witnessed a surge and stands at 44.89, suggesting increased participation of bulls in the market.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>CLF stock price needs to rise above $18 to retest the annual high of $22.83. Current price action and market structure show a strong presence of bears in the market.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<p>Major support: $13.85 and $11.85</p> 
<p>Major resistance: $15.60 and $16.25</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Cleveland-Cliffs (CLF) Stock: Will CLF Regain Momentum This Month?

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