The CLF stock price continues its correction, dipping by 5.36% on the day. This puts the stock on course for the second week of steep losses and the fourth in five after hitting 9-year highs in early April. The recent surge in the CLF stock price came off stellar earnings for the first quarter of 2022. The company reported earnings of $1.50 per diluted share, an increase of $0.07 from a year earlier. The market consensus was for the EPS to come in at $1.45. Revenue also rose sharply, rising from $4.05billion in the same period a year ago to $5.96 billion. The markets had been expecting $5.43 billion. The company also raised its 2022 selling price guidance from $1,255 per ton to $1,445 per tonne, in expectation of higher-than-expected prices when its fixed-price contracts come up for renewal. The recent correction is more of profit-taking and could present dip-buying opportunities. Eight Wall Street analysts have set a 12-month forecast for the CLF stock price at a median of 34.00, with price extremes of 47.00 and 23.50. The median price target represents a % upside potential from the current CLF stock price. How attractive is the stock at this time? CLF Stock Price Outlook The recent decline follows a correction from the completion point of the measured move from the bullish pennant. An attempt to break past the 33.25 resistance (28 March and 1 April 2022), where the flag's completion point rests, was rejected and immediately followed by a consolidation and then a slide towards 26.50. This support is now under threat following the intraday violation of this price point. If the bulls fail to defend this support, the price activity will target the 23.54 support (9 March low). Other downside targets are found at the 21.73 support (7 December 2021 high and 4 January low). On the flip side, the bulls need to push price activity above 27.77 by defending 26.50 and taking out the 7/17 March highs. This scenario will see 29.74 coming into the mix as an additional target to the north. 31.88 (8 April high) and 33.25 remain the price barriers to beat before the CLF stock price hits record highs. Cleveland-Cliffs Inc.: Daily Chart Follow Eno on Twitter.