After Yesterday's Rally of 2.07% Shares Could Potentially Pullback
ArcelorMittal (NYSE:MT) traded in a range yesterday that spanned from a low of $6.40 to a high of $6.50. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $6.43 on volume of 8.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, ArcelorMittal share prices have been bracketed by a low of $2.93 and a high of $11.95 and are now at $6.44, 120% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has advanced 3.2%.
SmarTrend is monitoring the recent change of momentum in ArcelorMittal. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of ArcelorMittal in search of a potential trend change.
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