Cleveland-Cliffs (CLF:NYSE)

Cleveland-Cliffs has made excellent progress in recent years, reducing its debt and creating a low carbon domestic supply chain that has served it well, especially with demand from China. With fears of a recession looming this year the future of many stocks remains uncertain; however, demand for steel remains strong with prices projected to increase nearly 7% this year over 2022’s prices. 

I am confident that CLF remains a sustainable investment choice so long as the stock remains balanced around $17.50-$18.00, and my target values are estimated at $32.00-$34.00 – offering potential investors an attractive range of benefits if they chose to invest in CLF.

Boston Scientific (BSX:NYSE)

Boston Scientific (BSX) recently showcased its long-term growth outlook at the JP Morgan Healthcare conference, including a projected double-digit EPS increase and a 50 basis point annual margin expansion. Furthermore, with FDA approval of the Watchman FLX LAAC device for dual anti-platelet therapy providing a shot in the arm to the company’s deep portfolio of advanced medical technologies, BSX looks set to benefit from healthy returns in 2023. 

Despite fears of recessionary pressures on the horizon, the defensive positioning of this sector has proved that there is still plenty of upside potential to be harnessed if companies are willing to invest in new and innovative products. Given this optimism, I am bullish on BSX as long as share prices remain above $41.00-$42.00, with my upside target reaching $62.00-$64.00.

BTC/USDT

Bitcoin has been on a massive rally for two weeks, increasing 30% without any meaningful pullback. The price has been trading near the $21,300 resistance level for two days and has seemingly started breaking down. It is also over-extended on higher time frames, so some levels of support may be tested in the next few days. Possible lower targets are:

• Firstly, the 2017 high of $19,793, which did not act as resistance to the upside.
• Then, the 200 Moving Average on the daily chart, at $19,520, which was also not tested as resistance to the upside.
• Thirdly, $18,184 (support), where the previous daily descending resistance line from mid-August intersects. This price level was tested as resistance when the price broke through it four days ago.
• Lastly, if the price drops below $18,184, the next level of support is around $16,987. 

If bitcoin breaks higher though, the next resistance level is roughly $21,800.

S&P 500 (SPX)

On Friday, the SPX reached 4,000 (resistance) after running over 6% in two weeks (the daily resistance line from January 2021 intersects at 4,000, adding additional resistance). With the SPX overbought on all time frames, it will be tough to get through that level. 

The US stock markets are closed today, but if there is any sign of stocks reversing at these levels in the next few days, it will affect crypto.

If the SPX breaks down from here, the next area of support is at 3,900. To the upside, the next level of resistance is at 4,100. It’s worth noting that it is now earning season in the US, so companies releasing their earnings results will most likely affect markets over the next few weeks.