ArcelorMittal has lost supports and could go towards 15 euros

ArcelorMittal has lost supports and could go towards 15 euros

Escalating energy costs have forced steelmakers to cut production across Europethreatening massive plant closures that some warn could be permanent in a sector that employs more than 300,000 people and contributes tens of billions of euros to the region’s economy.

ArcelorMittalthe world’s second-largest steelmaker, has also halted a blast furnace in Germany, along with others in France, Poland and Spain, and expects its fourth-quarter European output to be 17% lower than a year earlier.

From the key point of view, ArcelorMittal it lost a large support zone, between 24.45 – 25.095 euros and has now validated a bearish diamond structure, formed by two symmetrical triangles, according to Nรฉstor Borrร s, technical analyst. This figure allows us to set a target of 16.59 euros, as we see in the graph.


Right now has missed the bottom of a short-term bearish channelwith which another short-term bearish target can be projected, at 18.53 euros.

If it loses the lows of July 6 at the daily close, the โ‚ฌ20.55, that are acting as support, a Fibonacci target could be placed at 15 euros.

Despite these poor prospects for the value, in the long term the consensus of analysts gives it advice to buy and a target price of 34.55 euros, which gives it a potential rise of 61%.

According to the technical indicators of Investment Strategies for ArcelorMittalthe value would be in a bearish phase, and has a score of 1 out of 10.

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