MT - Is this the TOP or are we going to 32.5? - ARCELORMITTAL SAArcelorMittal SA is the biggest steel manufacturer in the world.
We had a stellar run from the march low and we made good money with this stock. A lot of people believe it has steam left.
The big question, is this the top or are we going to go higher?
Some institutions have upgraded MT to anywhere between a 25-32.5 EUR target. We got the high steel prices, above average profitability, ECB support on their debt, excellent pickup in demand.
What do the charts say? The monthly shows lot's of promise, no signals we are at a top, if you believe in long term trend anylisis.
The weekly stochastics look a little overbought, but then again, stochastics arn't the best indicator during very strong upwards or downwards rally's.
I believe MT will see some selling off the top, and then try another stab at the 200MA which it broke above last week but fell back under on firday (200MA is white line on the chart below).
