Short term view - ARCELOR MITTAL : Prices are breaking below the moving average, it is a sign of weakness.
Prices were consolidating in a pattern. They broke below the lowest threshold of that pattern. The trend becomes bearish. The target is at €24.330. The invalidation is above€30.670.Arguments :
- The target is close.
- Prices are breaking below the moving average, it is a sign of weakness.
- The head-and-shoulders has been triggered, the target has not been reached yet.
ArcelorMittal is a steel company, based in Luxembourg, with operations in more than 60 countries. Co. is active in all major global steel markets, including automotive, construction, household appliances and packaging, as well as activities in Research & Development and technology, with captive supplies of raw materials and its own distribution network. Co. has an industrial presence in over 20 countries spanning four continents, covering key steel markets, from emerging to mature. Co. offers a complete spectrum of steel products from commodity steel to value-added products, from long products to flat, from standard to specialty products, from carbon steel to stainless steel and alloys.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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