After Yesterday's Rally of 2.55% Shares Could Potentially Pullback
ArcelorMittal (NYSE:MT) traded in a range yesterday that spanned from a low of $6.43 to a high of $6.56. Yesterday, the shares gained 2.5%, which took the trading range above the 3-day high of $6.40 on volume of 10.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of ArcelorMittal on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.60. Since that recommendation, shares of ArcelorMittal have risen 12.1%. We continue to monitor MT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
ArcelorMittal share prices have moved between a 52-week high of $11.95 and a 52-week low of $2.93 and are now trading 121% above that low price at $6.48 per share. 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%.
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