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ARCELORMITTAL SAARCELORMITTAL SAARCELORMITTAL SA

ARCELORMITTAL SA

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MT trade ideas

Arcellormittal [Euronext] LONG, potential 30%+ rise.Arcellormittal formed an inverted H&S on the Weekly timeframe. Neckline has been broken and retested, and is currently rising on a nicely defined wedge. Leg D-E is underway, and should take us at least to the 35-40 range in the following weeks, which represents a 30-40% gain. Most probably entry point is @ 27.550, which would be leg 2 of D-E. In the H1 timeframe, this is the confluence of recent support, 50% FIB from Leg 1 and 161.8% extension from (a-b) in Leg 2. (yes, the yellow shaded area) The chart is not that clean, but you get the point :)
EURONEXT:MTLong
by Stoic-Trader
High Beta (3.36) with a Rising Volume from the beginning of 2016I Share this stock based in Price Action and Support and Resistance with a weekly point of view and recomend a holding period of more than 10 months if the things go well. The exit price and Stop Loss remains in your discretion in the future. If you think this Stock is overpriced because the PE Ratio is 9.17. At the end is your decision to add this stock to your Portfolio. My Technical Analysis is very clean and simple. And You need to do the Fundamental homework to make the final decision.
NYSE:MTLong
by Alex_Quiroga
2