Hi,
Arcelor Mittal doubled from 10 to 20 in less than 4 months. The strong uptrend didn't make any correction, till it reached the upperband of the channel that is used to trade in.
From that point it corrected perfectly fine to a decent Fibonacci level.
What we see right now is that it seems to have bottomed at 16.85 levels.
The DRSI looks oversold and the on balance volume is still moving upwards.
MACD looks perfectly fine, which makes a trade possible.
Entry: 16.85 - 17.88
Target: 21.50
Stoploss: 16.30
Arcelor Mittal doubled from 10 to 20 in less than 4 months. The strong uptrend didn't make any correction, till it reached the upperband of the channel that is used to trade in.
From that point it corrected perfectly fine to a decent Fibonacci level.
What we see right now is that it seems to have bottomed at 16.85 levels.
The DRSI looks oversold and the on balance volume is still moving upwards.
MACD looks perfectly fine, which makes a trade possible.
Entry: 16.85 - 17.88
Target: 21.50
Stoploss: 16.30
Trade closed: target reached