Arcelormittal MT may reach 21.9$ due to active double bottom, potentialy +48% from current price. Fibo level between 70.4 and 61.8 seems to be a support, stop loss at 14.52$. Sochastic RSI weekly is closing.
Commodities have remained very cheap against the recent rise in Major World Indexes. This includes iron ore. And this cheapness can create opportunities in the iron and steel industry. The price can get even cheaper. The analysis does not contain a very high quality risk / reward ratio, but I think it is possible to make very profitable trades based on this idea...
wave 5 is typically 61.8 , 100 or 123.6 of wave 1. There is slightly pd on higher timeframe
Looking for a retrace, then a move lower in ARCELORMITTAL
One of my personal tips. We are currently on nice price and we could see price around 32 - 36 soon again. It is going to take some time, but I am already slowly buying these stocks. This is technical analysis. Check for fundamental news for MT before investing.
Arcelormittal seems to follow a channel starting early 2016. It seems to be testing support at 7. Although there is a chance for a sideway channel, I am positive.