A price action above 118 supports a bullish trend direction.
Further bullish confirmation for a break above 129.
The first target price is set at 141 (its 61.8% Fibonacci retracement level).
The second target price is set at 168 (its 100% retracement level).
A break up out of the symmetrical triangle pattern might support such upside potential.
There are specific price levels back in 2020 that have been hit. After that we see some sort of achievement which results in a trade setup as we now have to come back to test another specific area. This all has to happen in a specific sequence too... and all this despite news. If we do execute this sequence and reach 200 we should then hold 160ish to possibly push...
Inv Cup and Handle formed on July 2021...
The price broke below and since then it's been on a downward trajectory with a solid downtrend.
Now the price is currently testing the downtrend, which can go either way.
If it breaks up, we will see short term upside to 3.00.
If it turns and continues down from here the investment short analysis will continue to...
ARCELORMITTAL SA LIMITED has reached the Fibonacci Level predicted on the 15th May 2023.
I trust this is the final low, but would be unwise to make that call as it is very early.
The Trend Cloud Wave Count also shows 7 waves down and over extended.
Get an Experts advice before making any Trade or Investment decisions.
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Inv Cup and Handle formed on 28 September 2022.
The price broke below the Brim level and since then it's been a one way trip down to 80 cents.
Right now it seems to turn and approach a bull trap. This is where the price is likely to run up in the next two or three months with the Santa Claus Rally and the January Effect.
It will then reach R2.20 to test the...
This chart is a good example of why you need to be decisive or have a system to get you out of a trade (eg moving average) when the tide has changed.
It's amazing to see the trajectory from 2020 to now and once again makes the point that 'cheap' can get cheaper.
ArcelorMittal (ACL) is South Africa's largest steel producing company. It has survived where companies like Highveld Steel have disappeared. Arguably, ArcelorMittal felt the impact of the sub-prime crisis more than any other South African company and has fallen from its high of R260 in June 2008 to as low as 25c in August 2020. Since then, it has rallied strongly...
We unfortunately foresaw an ominous formation with ACL.
An Inv Cup and Handle on 22 September 2022 where the first trade analysis was sent.
The price broke below the Brim level and has been ever so slowly but evidently falling.
The downtrend remains strong with the price below 200MA.
And with no end of the bear market in sight, the target remains at...
ArcelorMittal has shown downside since 2008 where the price was at its peak at R264,00.
SInce the financial crisis it's just been down and down for the steel and minin company.
It was one of the biggest in the world. and today is showing a slow death.
The technicals still confirm downside to come with the Inverse Cup and Handle.
The taregt remains at 20...
Unfortunately, Steel manufacture needs huge energy, but we all need and use it.
The current problems with energy in South Africa only makes it worse.
So I expect the price for Iron and Chrome to rise even with the so called recession.
Please do your Analysis and comment.
Regards Graham.
ACl broke below a massive Inverse Cup and Handle. And only today did it hit the Target 1... If the price continues to drop, we can see this going into cents territory.
Right now price is king, so no matter what you're reading with projects and strong fundamentals - this is where people buy and lose their shirts because the market continues down OR continues...
The stock is trading inside a descending channel is what seems to be a termination point for wave "C". It will be better to wait for a channel break and a safety zone to be created outside that channel. A safety zone is a little correction/consolidation structure that get created outside or after a channel/trendline get broken.
Looking for a recovery to the previous failure.
Created new lows under July-Nov 2021.
We have gained on the 19th-20th on the smaller timeframe and now retesting as we speak.
We should impulse up to the previous failure if all goes well.
What a comeback on Arcerlormittal. The stock was down more than -15% at yesterday’s lows as the market was reacting to its half year results. Those lows were rejected with the share making a 10% comeback to close only -4.59% down. With that being said, I like today’s price action for a move to 750c
