ArcelorMittal Stock Forecast
Green day on Thursday for ArcelorMittal stock after gaining 0.0794%
(Updated on Apr 25, 2024)
The ArcelorMittal stock price gained 0.0794% on the last trading day (Thursday, 25th Apr 2024), rising from $25.20 to $25.22. During the last trading day the stock fluctuated 2.39% from a day low at $24.73 to a day high of $25.32. The price has risen in 6 of the last 10 days but is still down by -8.39% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 420 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately $36.61 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -4.31% during the next 3 months and, with a 90% probability hold a price between $23.36 and $26.54 at the end of this 3-month period.
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MT Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 0.438%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The ArcelorMittal stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $25.30 and $26.65. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 8.79% to $27.44 within 30 trading days since signal was issued (Friday, April 26, 2024).
Support, Risk & Stop-loss for ArcelorMittal stock
ArcelorMittal finds support from accumulated volume at $25.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.590 between high and low, or 2.39%. For the last week, the stock has had daily average volatility of 1.64%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MT) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect ArcelorMittal to open at $25.09, and during the day (based on 14 day Average True Range), to move between $24.64 and $25.80, which gives a possible trading interval of +/-$0.582 (+/-2.31%) up or down from last closing price. If ArcelorMittal takes out the full calculated possible swing range there will be an estimated 4.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $25.18 (0.16%) than the resistance at $26.96 (6.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
ArcelorMittal will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.93. We will update the financials statements for ArcelorMittal, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.46% in the first trading day after earnings release.
Is ArcelorMittal stock A Buy?
ArcelorMittal holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.866 Sell Candidate Unchanged
Predicted Opening Price for ArcelorMittal of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $25.09 ( 0.515%) | $25.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MT
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 25.68 | 1.82 % | |
| R2 | 25.45 | 0.93 % | ||
| R1 | 25.32 | 0.378 % | ||
| Current price: | 25.22 | |||
| Support | S1 | 24.86 | -1.41 % | |
| S2 | 24.73 | -1.96 % | ||
| S3 | 24.50 | -2.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 28.66 | 13.64 % | |
| R2 | 27.73 | 9.95 % | ||
| R1 | 26.96 | 6.90 % | ||
| Current price | 25.22 | |||
| Support | S1 | 25.18 | -0.159% | |
| S2 | 25.15 | -0.278% | ||
| S3 | 25.11 | -0.436% |
MT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 12, 2024 | Nov 12, 2024 | Dec 04, 2024 | $0.213 | 0.84% |
| 2 | May 16, 2024 | May 16, 2024 | Jun 12, 2024 | $0.213 | 0.84% |
| 3 | Mar 02, 2023 | May 22, 2023 | Dec 07, 2023 | $0.220 | 0.86% |
| 4 | Feb 16, 2022 | May 13, 2022 | Jun 10, 2022 | $0.380 | 1.33% |
| 5 | Jun 02, 2021 | Jun 10, 2021 | Jun 15, 2021 | $0.300 | 0.95% |
FAQ
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