Shares of several steel companies are trading higher, potentially amid US infrastructure optimism and outlook for an economic recovery, both of which could lift demand. Additionally, ArcelorMittal (MT) reportedly raised flat steel price offers.
Steel Stocks Higher Friday: US Steel Up 8%, Nucor Up 7%, Arcelor Mittal Up 6%, Steel Dynamics Up 5%(Benzinga)
While I...
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...
Here's one that just came onto my radar. Arcelormittal $MT is a steel and mining company. Its products include flat products such as sheet & plate and long steel products. It serves automotive, construction, household appliances and packaging markets. This could benefit from an improving economy. Looks like we could have a cup w/o handle formation here. I'm going...
MT is typically the slower brother to that of Mr. X, but that's about to change.
Why?
- Reducing costs, plan to lay off about 20% of workforce in coming years
- >$1B in Buyback planned
- Spot prices of steel have are at 7-10 year highs and continue to rise
- Demand will skyrocket once Biden's infrastructure stimulus revealed, and once economy opens back up
-...
Bearish divergence on the last top. Increasing price but declining money flow. Declining volumes.
I do not expect MT to be able to make a new high from here, indicators say it will make a lower high and then pullback, but of course we love surprises.
Would wait till end of the trading day to see what USA opening does before deciding to enter a short at this...
breaking a big downtrend channel here too! long 24 stop loss 19.99 target 38! great risk reward here! congrats to longs in advance even if you arent in yet :) goodluck !
ArcelorMittal SA is the biggest steel manufacturer in the world.
We had a stellar run from the march low and we made good money with this stock. A lot of people believe it has steam left.
The big question, is this the top or are we going to go higher?
Some institutions have upgraded MT to anywhere between a 25-32.5 EUR target. We got the high steel prices,...
In my previous post i saw MT hitting the moving average, which it subsequently did and rebounded from.
At 23 MT is at a tipping point. Either it moons tomorrow and takes off towards 24 or pulls back to 22.75 and then bounces.
Looking further out i see the trend continuing and breaking out of the ascending triangle.
BOunce on the 50ma is coming either on monday or friday. People should go long on it either before the close of today or monday. Historically it has bounced on the 50 day moving average
