ArcelorMittal: We are analyzing the impact of the latest price adjustment

The price of ArcelorMittal it gives very short-term strong positions, a move that activates sell signals in price oscillators, whose readings were in the excess or overbought zone, while volatility was close to complacency zones.

In this way, we have identified arguments of exhaustion on the part of the purchases after a very vertical rise in the previous weeks. In this way, we view the current ArcelorMittal share price adjustment as a healthy move, which is still far from threatening the pattern of ups and downs in the background, a pattern that will not begin to change until that the price does not break through the last projected rising low from 22,825 euros per share, an area that is an approximation of its 200-period or long-term simple moving average.

In this sense, the price manages to stop the recent corrective impulse that started from yearly highs of 30.86 euros per share in the area of ​​​​technical relevance projected around 27.735 / 27.49 euros per share, an area that is an approximation of its 40-period average simple moving or middle term. As long as it manages to stay above said support zone, the likelihood that the adjustment process started from yearly highs will continue under temporal or sideways consolidation is what we need to prioritize. Below 27.49 and its medium-term moving average, the ArcelorMittal price opens a scenario of corrective continuity until the area of ​​the previous medium-term bullish lows projected from 23,985 / 22,825 euros per share.

ArcelorMittal on the daily chart with Trading Activity (window with blue background), Stochastic Oscillator (window with green background) and Mid-Amplitude Range (window with yellow background)

Source of the article

Eleanor C. William