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Arcelormittalshort

Arcelor Mittal blip up before the crash down to 20 cents?Inv Cup and Handle formed on 28 September 2022. The price broke below the Brim level and since then it's been a one way trip down to 80 cents. Right now it seems to turn and approach a bull trap. This is where the price is likely to run up in the next two or three months with the Santa Claus Rally and the January Effect. It will then reach R2.20 to test the 200MA and the downtrend line. Then we will re-evaluate and see if the downside is still imminent to 20 cents. The analysis still stays. I like to consider this a Short Investor position.
JSE:ACLShort
by Timonrosso
UPDATE - ACL still falling like a rock to 20 centsWe unfortunately foresaw an ominous formation with ACL. An Inv Cup and Handle on 22 September 2022 where the first trade analysis was sent. The price broke below the Brim level and has been ever so slowly but evidently falling. The downtrend remains strong with the price below 200MA. And with no end of the bear market in sight, the target remains at 20cents. As deriavtive traders there isn't much we can do to short or take this opportunity. But hopefully it alarms bells for investors who think it's cheap to buy and believe it's reached the bottom. Greed and Ego has no place for investors. There is no point to pick a bottom but rather buy when it's up and in a bull market. Or else one gets emotionally and financially involves and ends up in a bad relationship for years on end.
JSE:ACLShort
by Timonrosso
UPDATE: ArcelorMittal slow death continues to 20cArcelorMittal has shown downside since 2008 where the price was at its peak at R264,00. SInce the financial crisis it's just been down and down for the steel and minin company. It was one of the biggest in the world. and today is showing a slow death. The technicals still confirm downside to come with the Inverse Cup and Handle. The taregt remains at 20 cents. Traders can't do much as there is hardly any short scrip to profit along the way. SO I guess all we can do is watch...
JSE:ACLShort
by Timonrosso