Arcelormittal SA - Analysis
ACL has had a massive year. Growing by around 560% since Jan and 1650% since its peek bottom at 36c. It has currently met hard resistance at R 5.60 with has held on previous occasions, notably in October 2018 and December 2017.
If this barrier breaks we could see a further exponential growth to the next resistance line at R6.80.
Seeing that this is basically a cross roads, I would suggest a Hold position and possibly wait for the next price movement event. If share price reverses, good buy in points(averaging down) would be R4.80, R4.40 and R4.00 keeping in mind however like previous times that the share price could possibly even go lower than these buy in point. If R5.60 does break, we will then consider that resistance as a support line and hope it holds the share price up.
If this barrier breaks we could see a further exponential growth to the next resistance line at R6.80.
Seeing that this is basically a cross roads, I would suggest a Hold position and possibly wait for the next price movement event. If share price reverses, good buy in points(averaging down) would be R4.80, R4.40 and R4.00 keeping in mind however like previous times that the share price could possibly even go lower than these buy in point. If R5.60 does break, we will then consider that resistance as a support line and hope it holds the share price up.
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