Technical Insights for ARCELORMITTAL-NY REGISTERED (NYSE:MT): Is a Breakout Imminent?

ARCELORMITTAL-NY REGISTERED (NYSE:MT) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:MT.

In-Depth Technical Analysis of NYSE:MT

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, MT scores 8 out of 10 in our technical rating. Although MT is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• In the last month MT has a been trading in the 23.76 - 26.89 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When compared to the yearly performance of all other stocks, MT outperforms 50% of them, which is more or less in line with the market.
• MT is an average performer in the Metals & Mining industry, it outperforms 48% of 157 stocks in the same industry.
• MT is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MT is lagging the market.

Our latest full technical report of MT contains the most current technical analsysis.

How does the Setup look for NYSE:MT

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:MT this score is currently 9:

Besides having an excellent technical rating, MT also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 25.98. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 25.14, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.