It’s time for profit taking at ArcelorMittal

ArcelorMittal confirms a sign of short-term weakness that suggests the start of a correction after last month’s 24% rise.

The elevated levels of overbought suggest profit taking that could extend into the vicinity of the benchmark’s support. €26.50, where it constitutes an important level of support.

We will be on the lookout for a return of its course towards these prices to give us a new entry point with less risk. In the medium term, its technical aspect is good and everything seems to indicate that we could end up seeing an extension of the gains to the level of 33 euros, highs of last year drawn at the beginning of 2022.

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