ArcelorMittal Shares Climb 3% Leading the CAC 40, Up 114% Over the Year
The Luxembourg-based steelmaker takes the lead in the Paris index in early afternoon. The increase further weighs on an already spectacular annual performance and brings the stock closer to a key resistance threshold identified in technical data.
A Rebound that Propels the Stock to the Top of the CAC 40, Approaching €60
ArcelorMittal's stock gains 3.24% to €59.86, leading the CAC 40 which is up 0.60%. The stock thus registers as the highest increase of the index during the session, ahead of STMicroelectronics (+2.58%) and Stellantis (+2.16%), in a generally upward-trending Parisian market as the VIX drops to 17.85. This movement extends a momentum already well underway: the stock shows +8.88% over a month and nearly 114% over a year, a performance that remains among the most significant in the CAC 40 over twelve months.
This acceleration is part of a very positive recent sequence for the steelmaker, which had already jumped nearly 6% on July 10, as evidenced by a previous upward session. The oil context simultaneously fuels the appetite for cyclicals exposed to raw materials: Brent rises by 3.22% to $90.94 a barrel amid persistent tensions around the Strait of Hormuz, an environment that traditionally supports major European industrial stocks.
The Stock Approaches Its Resistance at €60.40 After Taking Off from Its MM200
From a technical standpoint, the price attacks the resistance identified at €60.40, less than 1% from the level reached in the session. A crossing of this threshold would mechanically open a new upper limit, while the stock is already significantly above its three main moving averages: MM20 (€55.65), MM50 (€56.43), and especially MM200 (€46.32), with a 29.23% gap on the latter reflecting the magnitude of the annual rally. The RSI at 55 remains in a neutral zone, without an overbought configuration, which leaves technical room to extend the movement.
The MACD, in positive territory (0.2053) with a histogram at 0.5332, confirms the bullish recovery begun after the consolidation at the end of June, a period during which the stock had briefly broken below its MM50, as shown by a session of decline on June 24. The €60.40 zone is the next key technical level to watch to gauge the continuation of the momentum.
