ARCEL.MITTAL - Daily - Technical analysis published on 08/19/2024 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Neutral
Underlying:
Bearish
Technical indicators
61%
0%
39%
My opinion
Bearish under 21.655 EUR
My targets
19.885 EUR (-3.52%)
19.060 EUR (-7.52%)
My analysis
We are currently in a phase of short-term indecision. In a case like this, you could favour trades in the direction of the basic trend on ARCEL.MITTAL. As long as you are under the resistance located at 21.655 EUR, traders with an aggressive trading strategy could consider a sale. A cross of the support located at 19.885 EUR would be a signal of a reversal in the basic trend and the short-term trend could then quickly become bearish. Sellers would then use the next support located at 19.060 EUR as an objective. Crossing it would then enable sellers to target 16.779 EUR. If the resistance 21.655 EUR were to be broken, this would simply be a sign of possible further short-term consolidation and trading against this trend would then perhaps be more risky.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
1.3
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This analysis was given by Londinia. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
ARCEL.MITTAL rating 20.610 EUR. On the day, this instrument gained +1.93% and was traded between 20.410 EUR and 20.640 EUR over the period. The price is currently at +0.98% from its lowest and -0.15% from its highest.20.410
20.640
20.610
The Central Gaps scanner detects the formation of a bullish gap marking the strong presence of buyers against sellers at the opening. This formed a quotation gap.
Opening Gap UP
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Technical
Technical analysis of this Daily chart of ARCEL.MITTAL indicates that the overall trend is bearish. 75.00% of the signals given by moving averages are bearish. Caution: as the signals currently given by short-term moving averages are rather neutral, the bearish trend could slow down. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
In fact, 11 technical indicators on 18 studied are currently positioned bullish. Central Indicators, the detector scanner for these technical indicators has recently detected several signals:
Pivot points : price is over resistance 3
Type : Neutral
Timeframe : Daily
RSI indicator is back over 50
Type : Bullish
Timeframe : Daily
Parabolic SAR indicator bullish reversal
Type : Bullish
Timeframe : Daily
Momentum indicator is back over 0
Type : Bullish
Timeframe : Daily
No signals are given by Central Patterns, a market scanner specialised in chart patterns, resistances and supports.
The Central Candlesticks scanner which studies Japanese candlesticks did not detect anything.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 16.779 | 19.060 | 19.885 | 20.610 | 21.655 | 23.109 | 24.337 |
| Change (%) | -18.59% | -7.52% | -3.52% | - | +5.07% | +12.13% | +18.08% |
| Change | -3.831 | -1.550 | -0.725 | - | +1.045 | +2.499 | +3.727 |
| Level | Minor | Intermediate | Major | - | Minor | Major | Intermediate |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 19.920 | 20.000 | 20.110 | 20.190 | 20.300 | 20.380 | 20.490 |
| Camarilla | 20.168 | 20.185 | 20.203 | 20.220 | 20.237 | 20.255 | 20.272 |
| Woodie | 19.935 | 20.008 | 20.125 | 20.198 | 20.315 | 20.388 | 20.505 |
| Fibonacci | 20.000 | 20.073 | 20.117 | 20.190 | 20.263 | 20.307 | 20.380 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 18.823 | 19.127 | 19.673 | 19.977 | 20.523 | 20.827 | 21.373 |
| Camarilla | 19.986 | 20.064 | 20.142 | 20.220 | 20.298 | 20.376 | 20.454 |
| Woodie | 18.945 | 19.188 | 19.795 | 20.038 | 20.645 | 20.888 | 21.495 |
| Fibonacci | 19.127 | 19.451 | 19.652 | 19.977 | 20.301 | 20.502 | 20.827 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 18.520 | 19.390 | 20.170 | 21.040 | 21.820 | 22.690 | 23.470 |
| Camarilla | 20.496 | 20.648 | 20.799 | 20.950 | 21.101 | 21.253 | 21.404 |
| Woodie | 18.475 | 19.368 | 20.125 | 21.018 | 21.775 | 22.668 | 23.425 |
| Fibonacci | 19.390 | 20.020 | 20.410 | 21.040 | 21.670 | 22.060 | 22.690 |
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): | 50.94 | |
| MACD (12,26,9): | -0.2920 | |
| Directional Movement: | -6.887 | |
| AROON (14): | -14.285 | |
| DEMA (21): | 19.819 | |
| Parabolic SAR (0,02-0,02-0,2): | 18.450 | |
| Elder Ray (13): | 0.395 | |
| Super Trend (3,10): | 20.610 | |
| Zig ZAG (10): | 20.510 | |
| VORTEX (21): | 0.8930 | |
| Stochastique (14,3,5): | 67.15 | |
| TEMA (21): | 19.977 | |
| Williams %R (14): | -27.64 | |
| Chande Momentum Oscillator (20): | 0.480 | |
| Repulse (5,40,3): | -0.5120 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.2800 | |
| Courbe Coppock: | 4.66 |
| MA7: | 20.082 | |
| MA20: | 20.184 | |
| MA50: | 21.008 | |
| MA100: | 22.556 | |
| MAexp7: | 20.159 | |
| MAexp20: | 20.271 | |
| MAexp50: | 21.057 | |
| MAexp100: | 21.970 | |
| Price / MA7: | +2.63% | |
| Price / MA20: | +2.11% | |
| Price / MA50: | -1.89% | |
| Price / MA100: | -8.63% | |
| Price / MAexp7: | +2.24% | |
| Price / MAexp20: | +1.67% | |
| Price / MAexp50: | -2.12% | |
| Price / MAexp100: | -6.19% |
Quotes :
-
15 min delayed data
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Spain Stocks
News
The latest news and videos published on ARCEL.MITTAL at the time of the analysis were as follows:
- ArcelorMittal holds Investor Event
- ArcelorMittal publishes its 2016 Report on Payments to Governments in respect of Extractive Activities
- ArcelorMittal led consortium reaches agreement regarding Ilva lease and purchase agreement
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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