Cliffs Natural Rescources finally hit bottom?

We've closed above the 50 day MA for the first time since last August and also cleared the $7.25 mark. I feel we could see a bounce into the $11 range. This stock was once $100 and definitely has some room to run under the right circumstances.

I'm going long with a stop back at the 50 day around $8.00. Target $11.00