ARCELORMITTAL SA - Daily - Technical analysis published on 07/10/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
17%
56%
28%
My opinion
Bearish under 26.184 EUR
My targets
22.080 EUR (-7.75%)
20.140 EUR (-15.86%)
My analysis
ARCELORMITTAL SA is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 26.184 EUR. The next support located at 22.080 EUR is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 20.140 EUR. Below this support, sellers could then target 10.649 EUR. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
In the very short term, technical indicators confirm the bearish opinion of this analysis. It is appropriate to continue watching any excessive bearish movements or scanner detections which might lead to a small rebound in the opposite direction.
Force
0
10
7
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Additional analysis
Quotes
The ARCELORMITTAL SA rating is 23.935 EUR. The price is lower by -0.38% since the last closing and was traded between 23.695 EUR and 24.010 EUR over the period. The price is currently at +1.01% from its lowest and -0.31% from its highest.23.695
24.010
23.935
The Central Gaps scanner detects a bearish opening marking the presence of sellers ahead of buyers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of this Daily chart of ARCELORMITTAL SA indicates that the overall trend is strongly bearish. 89.29% of the signals given by moving averages are bearish. This strongly bearish trend is supported by the strong bearish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
An assessment of technical indicators shows a bearish signal.
Caution: the Central Indicators scanner currently detects an excess:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Price is back over the pivot point
Type : Bullish
Timeframe : Daily
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 10.649 | 20.140 | 22.080 | 23.935 | 23.990 | 26.184 | 27.678 |
| Change (%) | -55.51% | -15.86% | -7.75% | - | +0.23% | +9.40% | +15.64% |
| Change | -13.286 | -3.795 | -1.855 | - | +0.055 | +2.249 | +3.743 |
| Level | Minor | Major | Minor | - | Major | Major | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 23.335 | 23.475 | 23.750 | 23.890 | 24.165 | 24.305 | 24.580 |
| Camarilla | 23.911 | 23.949 | 23.987 | 24.025 | 24.063 | 24.101 | 24.139 |
| Woodie | 23.403 | 23.509 | 23.818 | 23.924 | 24.233 | 24.339 | 24.648 |
| Fibonacci | 23.475 | 23.634 | 23.732 | 23.890 | 24.049 | 24.147 | 24.305 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 21.453 | 22.462 | 23.243 | 24.252 | 25.033 | 26.042 | 26.823 |
| Camarilla | 23.533 | 23.697 | 23.861 | 24.025 | 24.189 | 24.353 | 24.517 |
| Woodie | 21.340 | 22.405 | 23.130 | 24.195 | 24.920 | 25.985 | 26.710 |
| Fibonacci | 22.462 | 23.145 | 23.568 | 24.252 | 24.935 | 25.358 | 26.042 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 19.937 | 21.703 | 23.317 | 25.083 | 26.697 | 28.463 | 30.077 |
| Camarilla | 24.001 | 24.310 | 24.620 | 24.930 | 25.240 | 25.550 | 25.860 |
| Woodie | 19.860 | 21.665 | 23.240 | 25.045 | 26.620 | 28.425 | 30.000 |
| Fibonacci | 21.703 | 22.995 | 23.792 | 25.083 | 26.375 | 27.172 | 28.463 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 39.84 | |
| MACD (12,26,9): | -0.2370 | |
| Directional Movement: | -10.272 | |
| AROON (14): | -50.000 | |
| DEMA (21): | 24.373 | |
| Parabolic SAR (0,02-0,02-0,2): | 24.774 | |
| Elder Ray (13): | -0.639 | |
| Super Trend (3,10): | 25.469 | |
| Zig ZAG (10): | 23.940 | |
| VORTEX (21): | 0.8170 | |
| Stochastique (14,3,5): | 19.46 | |
| TEMA (21): | 24.235 | |
| Williams %R (14): | -75.00 | |
| Chande Momentum Oscillator (20): | -0.790 | |
| Repulse (5,40,3): | -0.1660 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.0460 | |
| Courbe Coppock: | 7.78 |
| MA7: | 24.414 | |
| MA20: | 24.890 | |
| MA50: | 24.717 | |
| MA100: | 25.955 | |
| MAexp7: | 24.258 | |
| MAexp20: | 24.625 | |
| MAexp50: | 24.987 | |
| MAexp100: | 25.379 | |
| Price / MA7: | -1.96% | |
| Price / MA20: | -3.84% | |
| Price / MA50: | -3.16% | |
| Price / MA100: | -7.78% | |
| Price / MAexp7: | -1.33% | |
| Price / MAexp20: | -2.80% | |
| Price / MAexp50: | -4.21% | |
| Price / MAexp100: | -5.69% |
Quotes :
-
15 min delayed data
-
Euronext Amsterdam
News
The last news published on ARCELORMITTAL SA at the time of the generation of this analysis was as follows:
- ArcelorMittal announces results of its XCarb™ Innovation Fund Accelerator Programme and invests $5 million in CHAR Technologies
- ArcelorMittal S.A.: ArcelorMittal publishes its 2022 Payments to Governments in respect of Extractive Industries report
- ArcelorMittal and John Cockerill announce plans to develop world’s first industrial scale low temperature, iron electrolysis plant
- Mandatory conversion of ArcelorMittal outstanding 5.50% mandatorily convertible subordinated notes due 18 May 2023
- ArcelorMittal announces the commencement of a new share buyback program of 85 million shares for 2023-2025
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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