ArcelorMittal Shares Soar by 5% Targeting the €62 Resistance
This Friday midday, the Luxembourg-based steelmaker is among the leaders of the CAC 40 in a significantly bullish Parisian index. The stock continues the momentum started the previous day, following the ECB's decision to raise its key interest rates. Today's movement gives a boost to an already particularly strong performance over the year.
A 5% Acceleration Propelling the Stock Towards the €62.14 Resistance
ArcelorMittal gains 5.1% to €60.16, up from €57.24 the previous day, in a CAC 40 that jumps by 1.91%. The stock ranks fifth in the index, following Stellantis, Société Générale, and Kering. This surge brings the monthly performance to nearly 14% and confirms the annual rally, now close to 124%.
The price is significantly above its three moving averages, with a gap of nearly 5% from the MM20 (€57.32) and more than 12% from the MM50 (€53.43). This setup, already in place since the rebound the previous day, brings the stock in contact with the resistance identified at €62.14, the last milestone before recent peaks. The RSI at 54 remains in the neutral zone, which leaves room before a potential overbought signal.
A Movement in a CAC 40 Boosted by the ECB's Decision
The European session is buoyed by the decision of the ECB's Governing Council, which raised its three key interest rates by 25 basis points on Friday, setting the deposit facility rate at 2.25% starting June 17, 2026. The institution has also revised its growth projection to 0.8% in 2026, amid persistent energy tensions. The CAC 40 gains 1.91% and the SBF 120 advances by 1.83%, while Brent crude drops more than 5% to $88.29, following de-escalation signals between Washington and Tehran.
As a reminder, the stock had been supported in May by the sale of 10% of Vallourec's capital at €24 per share, a transaction that generated about $667 million. The next technical milestone now plays around the €62.14 resistance, already tested during the late May peak.
