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.(NYSE: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.(NYSE: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.(NYSE: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.