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ArcelorMittal or when buying at the gates of 30 euros is only for the brave

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Specific price increases aside, the truth is that the world steel giant is choking in the short term the important resistance zone of 30 euros. Something that, on the other hand, was to be expected given the formidable resistance it presents in said control zone.

Technical analysis
BULLISH DEFINITION AFTER LATERAL MOVEMENT
BULLISH DEFINITION AFTER LATERAL MOVEMENT

Short term

Medium term

Long term

ArcelorMittal It is one of the European values ​​that has risen the most from the lows of the worst moment of the pandemic, back in March 2020, at 5.04 euros: coinciding with the historical lows of 2016. Since then the value has appreciated above 400%. A real madness everything has to be said. And with this he does not want that he can not go higher, nothing is further from reality. I just want us to reflect a bit before we get on the shopping train anyway.

ArcelorMittal is today a clear keep in portfolio, especially if it has been invested in the title long before. But buying now I feel like arriving very, very late to the market. The 30 euros, as can be seen in the graph, is not just anything. It is a control zone that has been acting as resistance since 2013 and that presents numerous points of tangency from which the value has then corrected strongly. The most basic theory of technical analysis says that in resistance if it is sold, but not bought. So I don't think we're in the best time to go long at the steelmaker. And if we do, it must be after a significant correction / adjustment in the price. But not now. We already know how this title spends them when it catches us with a different foot.

ArcelorMittal weekly chart

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