ArcelorMittal stock breaks through its 56.52 € support level, RSI in oversold territory
The Luxembourg-based steelmaker is settling in the lower ranks of the CAC 40 at mid-session, in a Paris market that is retreating sharply. The stock has crossed a technical threshold during the session and continues a series of declines that is moving it away from its short-term moving averages.
A 56.52 € support broken through, the stock far from its 20 and 50-day moving averages
ArcelorMittal stock is down 1.75% to 56.28 €, ranking 36th in a CAC 40 that is losing 1.1% at mid-session. The stock broke through its 56.52 € support during the session, but remains above its 200-day moving average at 53.75 €. It is now trading 10.4% below its 20-day MA (62.84 €) and 10.3% below its 50-day MA (62.75 €), while remaining 4.7% above its 200-day MA. This decline is part of a 8.9% drop over one week and 16.3% over one month.
The RSI at 29 reflects an oversold configuration, following the depreciation of approximately 1 billion dollars announced on September 25th on the Kryvyi Rih site in Ukraine. Brent crude, at $102.58 per barrel, remains above the $100 mark, a level that weighs on the energy costs of the steel industry. Another session context element: the euro fell to its lowest level in seventeen months against the dollar, amid tensions over French debt.
Deutsche Bank lowers its target to 70 € while maintaining a buy rating
Deutsche Bank lowered its price target from 71 € to 70 € on Monday, with a buy rating on the stock. This target implies an upside potential of approximately 24% compared to the current price. The broker therefore maintains its scenario for a rebound, despite the reduction in the target.
On the fundamentals side, the group published its first-half 2026 results on July 30th, displaying a confident tone on short, medium and long-term prospects, with sustained shareholder returns. The share buyback program of €614 million announced in May is being executed at approximately 100%, for €985 million in shares repurchased as of June 30th. The 56.52 € level, now fallen below again, constitutes the technical reference point to monitor in upcoming sessions.
