ArcelorMittal stock breaks through 58 € and slides into uncharted territory
The Luxembourg steelmaker retreats sharply in this first October session, in a CAC 40 that is also losing ground. Selling pressure intensifies on the stock, which is moving further away from its resistance levels after several difficult weeks.
A decline that widens the gap with the MA20 and MA50, RSI in low zone
ArcelorMittal falls 2.36% to 57.96 € in trading, in a Paris index that declines 1.19%. The stock is thus accelerating its weekly decline, which now exceeds 8.5% over seven days, and monthly decline at nearly 9.6% over one month. The technical configuration remains deteriorated: the price is trading approximately 9% below the MA20 (63.75 €) and nearly 7.7% below the MA50 (62.81 €), two moving averages that act as distant resistance levels. Only the MA200 at 53.57 € remains below the current price, with a gap of more than 8%.
The RSI at 36 reflects persistent selling pressure without yet reaching the outright oversold zone, which leaves little signal of short-term exhaustion. The support level at 59.36 € has already been broken in previous sessions, as shown by the episodes of September 28 and 29: the stock is now trading in uncharted territory below this level. The next resistance is located at 67.54 €, or more than 16% above the current price.
Morgan Stanley raises its target to 71 € and maintains its positive view on the stock
In this context of decline, the analysts' opinion provides a notable counterpoint. Morgan Stanley raised its price target from 70 € to 71 € on September 29, while maintaining its opinion at "overweight". At the current price of 57.96 €, this target represents an implicit upside potential of nearly 22%.
This positive signal follows a fundamental dynamic that the group itself had described as optimistic when publishing its first-half 2026 results (July 30), with positive commentary on short, medium and long-term prospects as well as on shareholder returns. Furthermore, the share buyback program announced in May 2026, executed at approximately 100% as of June 30, 2026 for an amount of 985 million euros, demonstrated an active capital allocation policy. Morgan Stanley's 71 € target constitutes the next fundamental reference point in the face of the current downward movement.
