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Comparing Cleveland-Cliffs’s and US Peers’ Technical Indicators

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Oct. 12 2017, Updated 7:36 a.m. ET

Stock returns

AK Steel (AKS), Nucor (NUE), and Steel Dynamics (STLD) have seen negative returns of 17.2%, 3.0%, and 2.1%, respectively, in the trailing three months. U.S. Steel Corporation (X), ArcelorMittal (MT), and Cleveland-Cliffs (CLF) have returned 14.0%. 15.3%, and 2.4%, respectively.

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Is Cleveland-Cliffs oversold?

Based on its September 29, 2017, closing price, Cleveland-Cliffs is trading 5.1% and 4.6% below its 50-day and 20-day moving averages, respectively. Its RSI (relative strength index) score is 33.2, which is bordering the oversold level associated with values of 30 and lower. Its RSI data and moving averages might indicate that it is approaching oversold levels.

Lower seaborne prices and higher US steel imports have impacted Cleveland-Cliffs stock. While the Section 232 probe into US steel imports was expected to be the biggest short-term positive catalyst for Cleveland-Cliffs and its US steel peers (SLX), the delayed findings have led to weakness in the sector.

Peer comparison

As shown in the above graph, ArcelorMittal (X) is also trading close to the oversold 14-day RSI level of 30. Steel Dynamics and U.S. Steel Corporation are trading below their 50-day and 20-day moving averages, respectively.

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