ArcelorMittal Shares Climbing Higher, Up 2.1%

Published on Tue, 07/23/2013 - 12:33
By Robert Cotter in Market movers, mt, arcelormittal, market movers, nyse:mt

ArcelorMittal (NYSE:MT) is one of today's notable stocks on the rise, up 2.1% to $12.98. The Dow Jones Industrial Average is now trading fractionally higher to 15,555 and the S&P is trading fractionally lower to 1,692.

ArcelorMittal produces steel. The Company manufactures cold rolled, electrogalvanized and coated steels, slabs, special quality bars, and wire rods. Arcelor Mittal has steel making operations in Europe, the Americas, Asia, and Africa.

In the past 52 weeks, ArcelorMittal share prices have been bracketed by a low of $10.83 and a high of $17.99 and are now at $12.98, 20% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

Potential upside of 19.1% exists for ArcelorMittal, based on a current level of $12.98 and analysts' average consensus price target of $15.47. The stock should hit resistance at its 200-day moving average (MA) of $14.39, as well as support at its 50-day MA of $12.24.

By Robert Cotter
rcotter@fnno.com

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