Monday, February 26

What to expect from ArcelorMittal? He did something very ugly, a false break

The IBEX 35 began the day with almost all its components positive and one of the stocks that is making the most progress today is ArcelorMittal. At this time, the value picks up more than 4% at 26.61 euros. Regaining ground after falling hard several sessions ago.

According to the BiG analyst, José Luis Herrera, ArcelorMittal did something key two weeks ago, the second of January, something “very ugly, a false break”, after having all the 30.5 euros in a clear way, the following week instead of making a support and returning to the rise, it broke down that level again and that unleashed the falls to continue the following week.

For the moment, this week we are going to see if it gains momentum again at the base of the channel, around 23 euros, which is where he has his support, or retakes the raises.

But the conjunction of candles that described the value predicted a bearish movement that was later confirmed. Now we have to see if this week he manages to come back. According to the technical indicators of Investment Strategies for ArcelorMittal, the value is in an upward phase.