ArcelorMittal (MT) has been quietly going up and up since early 2016.
The gains are clearly continuing so far this year and further strong gains are anticipated based on the charts and indicators. Let's check.
In this one-year daily bar chart of MT, above, we can see a bullish golden cross of the 50-day and 200-day moving averages in early May. MT tested the 200-day moving average line in May and June and never looked back. Prices have rallied with only minor corrections along the way. Prices gapped up this morning, remaining above the rising 50-day and 200-day averages. The On-Balance-Volume (OBV) line has generally moved up with the price action and should soon make a new high for the move up. The MACD oscillator is giving a fresh outright go-long signal.
In this three-year weekly chart of MT, above, we can see prices are above the rising 40-week moving average line. The weekly OBV line is steady while the MACD oscillator on this timeframe has been bullish since midyear.
Bottom line: MT has some old chart resistance in the $8 to $10 area but prices are nearly halfway through that zone, so they are likely to go all the way through. MT has already given buyers some great returns, but further gains to $15 could be seen in the months ahead. Not bad!
