Steel Stock Extends Recovery Amid Emerging Support

Steel stock Cleveland-Cliffs Inc (NYSE:CLF) is up 2.1% to trade at $10.96 this afternoon, enjoying its recent bounce off the $10 level. This also happens to be the site of the 126-day moving average, which has captured several pullbacks over the last year. The security is sporting a 16.2% lead for 2025, but it's way off its Oct. 20, two-year high high of $16.70.

Short interest has fallen of late, down 14% in the past two reporting periods. This accounts for a hefty 10.9% of the stock's total available float. at its average pace of trading, it would take short sellers more than two days to buy back these bearish bets.

Options are looking affordable, too, per the equity's Schaeffer's Volatility Index (SVI) of 67% that stands in the 20th percentile of annual readings. CLF also tends to outperform options traders' volatility expectations, per its Schaeffer's Volatility Scorecard (SVS) of 74 out of 100.