ArcelorMittal stock holds up against CAC 40 with a gain of 1.5%
The Luxembourg steelmaker is bouncing back this Tuesday, ranking among the rare gainers in a downward-trending CAC 40. This rebound occurs as the stock remains below its twenty-day moving average and the geopolitical context surrounding its Ukrainian sites remains tense.
A session rebound that improves the weekly balance sheet after a decline of nearly 6%
ArcelorMittal gains 1.47% during the session, at €63.56, while the CAC 40 falls 0.26% in the same timeframe. The rebound mitigates the decline of the past week, which reached nearly 5.9% over seven days, without fully erasing it. Over three months, the stock shows a gain of 4.88%, and over one year the rise remains spectacular at nearly 115%.
The session takes place in a context of tense markets: the Dow Jones closed down on Monday, September 14, the S&P 500 also lost ground, and the VIX rises 7.83% during the session, signaling increased nervousness. The DAX and the Nikkei are also trading in negative territory. ArcelorMittal thus resists this general pullback, driven by a temporary renewed appetite for cyclical industrial stocks in an otherwise cautious market.
A technical configuration in resistance zone, with the price below the MA20 but well above long-term supports
On the technical indicators side, the price at €63.56 is evolving slightly below the twenty-day moving average, set at €64.07 (a gap of -0.80%). This nearby ceiling limits the extent of today's rebound. Conversely, the MA50 at €61.53 offers a support cushion at 3.30% below the current price, and the MA200 at €52.06 confirms a structurally bullish dynamic over the long term, with a positive gap of over 22%. The RSI at 46 remains in neutral territory, with no overbought or oversold signal.
The support identified at €61.16 and the resistance at €67.54 define the corridor in which the stock has been trading since its recent five-year highs, reached in early September according to the levels recorded in early September. Furthermore, the Kryvyi Rih site in Ukraine was struck again on Monday, according to the September 14 statement reporting two deaths among subcontractors. The resistance at €67.54 constitutes the next threshold that the stock must break through to reconnect with its recent peaks.
