Arc from the last update completed the W Formation.
It finally broke above and what pressure there was for the buying and demand to kick in.
The Price is above 20 and 200 and the momentum is strong on the up.
This is a high probability long (buy) analysis
Target R2.22
ArcelorMittal - 30d expiry - We look to Buy a break of 22.52 (stop at 21.59)
Prices have reacted from 19.40.
A break of the recent high at 22.40 should result in a further move higher.
Short term bias has turned positive.
The RSI is trending higher.
This stock has seen good sales growth.
Our profit targets will be 24.92 and 25.72
Resistance: 22.50 /...
ArcelorMittal
Short Term - We look to Buy at 23.74 (stop at 22.81)
Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today. Previous support located at 24.00. Expect trading to remain mixed and volatile.
Our profit targets will be 25.77 and 26.28
Resistance: 26.00 / 28.00 /...
ArcelorMittal - Short Term - We look to Buy at 29.48 (stop at 27.95)
Preferred trade is to buy on dips. Previous resistance at 30.00 now becomes support. We have a 38.2% Fibonacci pullback level of 29.24 from 23.12 to 33.02. The bias is still for higher levels and we look for any dips to be limited. Risk/Reward would be poor to call a buy from current levels....
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...
