ARCELORMITTAL SA - Daily - Technical analysis published on 05/29/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : INVALID
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
33%
33%
33%
My opinion
Bearish under 24.979 EUR
My targets
22.227 EUR (-8.36%)
20.140 EUR (-16.97%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on ARCELORMITTAL SA as long as the price remains well below 24.979 EUR. The sellers' bearish objective is set at 22.227 EUR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 20.140 EUR. In case of crossing, the next objective would be the support located at 11.718 EUR. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.
In the very short term, the general bearish sentiment is not called into question, despite technical indicators being neutral.
Force
0
10
6.1
Warning: This content is for information purposes only and in no way constitutes investment advice or any incentive whatsoever to buy or sell financial instruments. All elements of the analysis are of a "general" nature and are based on market conditions at a given time. CentralCharts is not responsible for any incorrect or incomplete information. Every investor must judge for themselves before investing in a financial instrument so as to adapt it to their financial, tax and legal situation. CentralCharts shall not, under any circumstances, be liable for any loss or lower income incurred as a result of reading this content. Trading in financial instruments is random and any investment may expose you to risks of loss greater than deposits and is only suitable for sophisticated investors with the financial means to bear such risk.
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Additional analysis
Quotes
The ARCELORMITTAL SA price is 24.255 EUR. On the day, this instrument lost -0.23% and was traded between 24.220 EUR and 24.455 EUR over the period. The price is currently at +0.14% from its lowest and -0.82% from its highest.24.220
24.455
24.255
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1st january)
Type : Bearish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in Daily of this ARCELORMITTAL SA chart shows a sharp bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, Central Analyzer took into account 18 technical indicators and the result was as follows: 6 are bullish, 6 are neutral and 6 are bearish. Central Indicators, the scanner specialised in technical indicators, has identified these signals:
Price is back under the pivot point
Type : Bearish
Timeframe : Daily
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
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.
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 | 20.140 | 22.227 | 23.990 | 24.255 | 24.979 | 26.183 | 27.678 |
| Change (%) | -16.97% | -8.36% | -1.09% | - | +2.98% | +7.95% | +14.11% |
| Change | -4.115 | -2.028 | -0.265 | - | +0.724 | +1.928 | +3.423 |
| Level | Major | Minor | Major | - | Minor | Intermediate | 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 | 23.702 | 23.943 | 24.127 | 24.368 | 24.552 | 24.793 | 24.977 |
| Camarilla | 24.193 | 24.232 | 24.271 | 24.310 | 24.349 | 24.388 | 24.427 |
| Woodie | 23.673 | 23.929 | 24.098 | 24.354 | 24.523 | 24.779 | 24.948 |
| Fibonacci | 23.943 | 24.106 | 24.206 | 24.368 | 24.531 | 24.631 | 24.793 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 22.828 | 23.297 | 23.803 | 24.272 | 24.778 | 25.247 | 25.753 |
| Camarilla | 24.042 | 24.131 | 24.221 | 24.310 | 24.399 | 24.489 | 24.578 |
| Woodie | 22.848 | 23.306 | 23.823 | 24.281 | 24.798 | 25.256 | 25.773 |
| Fibonacci | 23.297 | 23.669 | 23.899 | 24.272 | 24.644 | 24.874 | 25.247 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 21.503 | 23.107 | 24.408 | 26.012 | 27.313 | 28.917 | 30.218 |
| Camarilla | 24.911 | 25.177 | 25.444 | 25.710 | 25.976 | 26.243 | 26.509 |
| Woodie | 21.353 | 23.031 | 24.258 | 25.936 | 27.163 | 28.841 | 30.068 |
| Fibonacci | 23.107 | 24.216 | 24.902 | 26.012 | 27.121 | 27.807 | 28.917 |
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): | 42.09 | |
| MACD (12,26,9): | -0.4580 | |
| Directional Movement: | -8.339 | |
| AROON (14): | -71.428 | |
| DEMA (21): | 24.037 | |
| Parabolic SAR (0,02-0,02-0,2): | 25.106 | |
| Elder Ray (13): | -0.112 | |
| Super Trend (3,10): | 25.777 | |
| Zig ZAG (10): | 24.235 | |
| VORTEX (21): | 0.9140 | |
| Stochastique (14,3,5): | 21.88 | |
| TEMA (21): | 24.033 | |
| Williams %R (14): | -72.67 | |
| Chande Momentum Oscillator (20): | 0.195 | |
| Repulse (5,40,3): | -1.5500 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.2870 | |
| Courbe Coppock: | 4.68 |
| MA7: | 24.344 | |
| MA20: | 24.574 | |
| MA50: | 25.614 | |
| MA100: | 26.929 | |
| MAexp7: | 24.293 | |
| MAexp20: | 24.678 | |
| MAexp50: | 25.513 | |
| MAexp100: | 25.917 | |
| Price / MA7: | -0.37% | |
| Price / MA20: | -1.30% | |
| Price / MA50: | -5.31% | |
| Price / MA100: | -9.93% | |
| Price / MAexp7: | -0.16% | |
| Price / MAexp20: | -1.71% | |
| Price / MAexp50: | -4.93% | |
| Price / MAexp100: | -6.41% |
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:
- 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
- ArcelorMittal reports first quarter 2023 results
- ArcelorMittal announces results of its General Meetings
- ArcelorMittal cancels 25 million treasury shares
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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