ArcelorMittal Shares Hit New Record, Targeting 61 Euros
On Monday, February 9th, ArcelorMittal SA reached a new peak since 2011, surpassing its previous high set just three days earlier. At 50.54 euros, the stock experienced a 1.29% decline following a spectacular nearly 10% surge over the past week. Its performance over twelve months has been remarkable, with an 85% increase.
Significant Analyst Upgrade
The steelmaker has benefited from a significant revision by Oddo BHF. The financial institution has maintained its 'outperform' rating while substantially raising its target from 54 to 61 euros. This new evaluation suggests an additional appreciation potential of about 20.7% relative to the last traded price. This revaluation occurs in a context where the steel giant has already gained 49.75% over the last three months. The target increase reflects increased confidence in the Luxembourg-based group's prospects, despite a mixed conjunctural environment for global steel production.
Bullish Momentum Reflected in Technical Data
The upward momentum is fully reflected in the technical data. The RSI has reached 74, indicating an advanced overbought zone following the spectacular rise in recent weeks. Concurrently, the moving averages present a decidedly positive configuration: the price is significantly above the MM50 (40.77 euros) and the MM200 (32.29 euros), confirming the strength of the underlying trend. The stochastic oscillator shows a buy signal, while the continual breaking of new highs mechanically pushes back technical resistances. Monthly volatility remains contained at 9.86%, suggesting an orderly rather than erratic progression. The group now significantly exceeds its upper Bollinger band set at 50 euros, illustrating the magnitude of the upward movement which, however, might require a phase of technical consolidation.
