ArcelorMittal Shares Break Through Key Resistance at Closing
On Wednesday, January 28, at closing, ArcelorMittal SA shares showed an increase of 1.12% at 46.78 euros. The stock broke through its technical resistance at 46.35 euros, solidifying the strong momentum observed in recent weeks with a rebound of 12.45% in one week and 37.63% over three months.
Significant Breakthrough in Session
The breach of the resistance at 46.35 euros marks a significant event in this session for the steel giant. The stock is now well above its 20-day moving average, positioned at 41.95 euros, indicating a sustained upward trend. However, this technical progress is accompanied by a 14-day RSI reaching 75, signaling an overbought condition. This momentum indicator suggests that the recent upward movement might need a consolidation phase before potentially continuing. The one-month volatility stands at 9.57, reflecting relatively moderate price variations in a context of a marked rebound. Over a year, the performance has reached 96.97%, demonstrating a spectacular turnaround for the stock after a challenging period for the steel industry.
Positive Analyst Revisions for ArcelorMittal
ArcelorMittal's case benefits from positive revisions by financial analysts. On January 22, Citi raised its price target from 45 to 55 euros, representing a potential upside of 17.6% from the current price. This revision came a week after Jefferies, which raised its target from 36 to 44 euros while maintaining a hold recommendation. These adjustments reflect an improvement in analysts' opinions for the steel producer, in a context where the sector benefits from favorable expectations regarding European legislation. Investors are now awaiting the publication of the 2025 annual results scheduled for February 6, which will allow an assessment of the group's operational trajectory.
