ArcelorMittal stock breaks through its 56.74 € support level before recovering
The Luxembourg steelmaker is regaining ground this Friday, as the CAC 40 rebounds during the session. The stock briefly dipped below its support threshold intraday before recovering, in a technical configuration that remains under pressure from moving averages.
An intraday rebound after breaking through the 56.74 € support level at the start of the session
In late morning, ArcelorMittal gained 1.76% to 57.74 €, as the CAC 40 advanced 1.1% during the session. Today's movement was initially marked by a drop below the 56.74 € support level, with a low of 56.66 € recorded, before a recovery above this level. This downward breach therefore did not hold, with the stock recovering most of the ground lost during the same session.
Over the week, the balance sheet remains difficult: the stock has fallen nearly 6.9%. Over one month, the decline reaches 9.4%, bringing the price well below the records posted in early September, when the steelmaker had touched 68 € after posting a five-year high. The 67.54 € resistance level remains very far from the current price.
An RSI on the brink of oversold territory, price still well below its 20 and 50-day moving averages
The RSI at 30 reflects pronounced selling exhaustion: the stock is flirting with the oversold threshold without clearly breaching it. The price is trading at 57.74 €, approximately 8.9% below the 20-day MA at 63.38 € and 8% below the 50-day MA at 62.78 €, two reference levels that are significantly higher. Only the 200-day MA at 53.65 € remains below the current price, offering a positive spread of 7.6%.
This configuration illustrates the deterioration that has occurred since the end of September, following several weeks of selling pressure. On a fundamental level, when first-half 2026 results were published (July 30), management displayed confidence regarding short, medium and long-term prospects, with a share buyback program executed at approximately 100% by end of June 2026, representing 985 million euros. These contextual elements do not erase the quarterly decline of nearly 11% over one month, but they remind us that the company had, at mid-year, support levers for the stock price.
