ArcelorMittal share breaks through its 61.16 € support and continues to slide

The share price breaks through its support and trades below its MA20 and MA50

ArcelorMittal is down 1.27% at 60.52 € in mid-afternoon, breaking through the support at 61.16 € again (lowest intraday level: 60.38 €). This level had already given way on Monday, as documented by yesterday's trading which saw the stock post the largest decline in the CAC 40. The share price is now trading below its MA50 (62.75 €, a deviation of -3.55%) and below its MA20 (64.19 €, a deviation of -5.72%), two averages that form a ceiling for any recovery.

The MA200 at 53.36 € remains, however, clearly below the current price, representing a deviation of +13.42% that reflects the underlying upward momentum accumulated over the past year. The RSI at 42 reflects a neutral configuration, with no extreme oversold signal. The next resistance level is at 67.54 €, approximately 12% above the current price.

Morgan Stanley raises its target to 71 €, potential upside of nearly 17%

In this context of decline, analyst opinion provides a more constructive note: Morgan Stanley raised its price target on Tuesday from 70 to 71 €, while maintaining its "overweight" rating. Compared to the latest price of 60.52 €, this new target represents a theoretical upside potential of nearly 17%. This revision comes as the stock is down 3.72% over the week and 6.32% over the month, thus returning to levels far removed from the five-year high of 68.42 € set in early September.

Over twelve months, performance remains exceptional at +92.55%. When publishing first-half 2026 results (July 30, 2026), management had struck a confident tone, mentioning a positive outlook for the short, medium and long term, with enhanced shareholder returns. The 614 M€ share buyback program announced in May had furthermore been executed at approximately 100% as of June 30, 2026, for a total amount of 984 M€ repurchased over twelve months.