ArcelorMittal stock hits 5-year record at €68.42, boosted by Chinese steel

Deutsche Bank raises target to €71 and displays upside potential of 6%

The analysts' consensus on the stock expanded this Friday with a revision from Deutsche Bank, which maintains its buy rating and raises its price target from €66 to €71. At €66.96 in trading, the stock trades with appreciation potential of around 6% relative to this new target. This revision comes after two consecutive bullish sessions that lifted the steelmaker to levels unseen for five years. The current context of trade tensions between the United States and China — the G20 Finance meeting held in Asheville having concluded its work without a joint statement, Beijing having isolated itself on the question of non-market commercial policies — sustains expectations of additional defensive measures against low-cost steel imports. The annual momentum remains spectacular, with a gain of 140.1% over twelve months, and the stock also shows a progression of 8.31% over the past month, reflecting sustained recovery from much lower levels.

Stock consolidates above its three moving averages, RSI at 59 in neutral zone

From a technical perspective, ArcelorMittal quotes clearly above its three moving average references: 5.58% above the MA20 at €63.42, and 11.86% above the MA50 at €59.86, which constitute a comfortable safety net in case of pullback. The MA200, very distant at €51.01, illustrates the scale of the rally engaged over the past year. The RSI at 59 remains in neutral zone, far from overbought thresholds, which means that the recent progression has not yet generated a visible technical exhaustion signal.

The next psychological milestone is located at €70, a round level above which the stock has never traded in recent times, with no previous technical resistance identified at this level. In case of reversal, the immediate support is identified at €57.78, the former resistance level now turned bullish. Upon publication of Q1 2026 results at end of April, the group had maintained its annual guidance unchanged, anticipating growth in shipment volumes across all regions, reassurance that continues to fuel the stock's fundamental momentum.