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Cell with circular reference keeps jumping around

I have some values saved in table format. I get a circular reference error which points to one cell that has the error. After I click Save, next time I check Formulas > Error Checking > Circular References, a different cell is referenced for having the circular error.

The cell with the error keeps changing, but all errors are still within the same column.

For any cell with the error, it is referencing two ranges of data. The range starts before the cell with the error and ends after the cell with the error.

Why does the circular reference cell keep jumping around?
Is this a case where a circular reference is actually valid?

I can't post an example because of confidential data, so I'm hoping the information I provided would be sufficient to understand what is happening in my spreadsheet.
 
Without looking at the workbook...

- Interdependent calculations. If multiple cells/formulas are dependent on each other to calculate or lookup values, resolving one error might correct the initial pop-up, but the reference still may "jump" as the workbook updates or recalculates formulas.

- Formula ranges could overlap. Circular references can shift depending on how Excel'd handles the calculation order.

- Sequential issues, Excel processes formulas sequentially, (so, something like) saving a workbook could trigger recalc's, jumping the error around.
 
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