Cliffs Natural Resources Inc (NYSE:CLF) and GoPro Inc(NASDAQ:GPRO) are both putting in potential pivot points. For Cliffs Natural, it appears to be a bottom for a near term bounce and for GoPro, it looks like a top may be officially in.
Cliffs Natural Resources Inc (NYSE:CLF): The stock is down from a 52 week high of $28.98 to its current price of $8.24. There is much fear about bankruptcies in the sector yet Cliffs for now, appears to be one of the stronger players. This looks overdone. In addition, a doji (bottoming signal) was put in yesterday. Remember, this is a high risk play. I have it on watch for a potential long but that does not mean I will go long.
GoPro Inc(NASDAQ:GPRO) may be putting in a topping tail today. This warrants a high alert watch list. In addition, it is very close to the $100 even number which can act as a top as well. The stock is overbought beyond belief and due for a major correct. The one problem is it is extremely hard to get shares to short. I will re-evaluate tomorrow.