ArcelorMittal Shares Bounce Back After a -8% Drop Over a Week: ING Targets 64 Euros

Current Technical Analysis

ArcelorMittal SA's share price is currently below its 20-day moving average, set at 53.34 euros, indicating a short-term fatigue after a strong rally over the past three months (+40%). The RSI, a momentum indicator measuring the speed and magnitude of price movements, is at 37, approaching the oversold zone typically under 30. This technical positioning suggests that the recent correction has significantly reduced the bullish excess accumulated since December.

On a broader horizon, the underlying trend remains strongly upward: the stock has risen nearly 78% over the year and is trading well above its 200-day moving average (34.59 euros). The identified support threshold at 41.60 euros serves as a technical reference floor, while resistance is at 56.92 euros. Today's rebound follows a pronounced weekly decline, partly linked to uncertainties caused by the surge in energy costs following tensions in the Middle East, a critical cost factor for the steel industry.

Revised Target by ING Bank

In a note published on March 2, ING Bank significantly revised its price target on ArcelorMittal, raising it from 38 to 64 euros while maintaining a buy recommendation. This new target represents an upside potential of about 25% from the current price of 51.24 euros. This substantial adjustment – nearly doubling the target – reflects a significant reevaluation of the group's prospects by the Dutch bank.

The next quarterly results are expected on April 30, 2026. This release will provide valuable insights into the steelmaker's ability to maintain its margins in an environment where energy prices have risen sharply in recent days, with Brent crude exceeding 80 dollars a barrel and European natural gas jumping nearly 25%. The impact of this increase in input costs on the operational profitability for the first quarter will be a major point of focus for observers.