ArcelorMittal ( MT) is the world's largest steel producer. The stock has made a large double-bottom pattern but has not yet broken out above the neckline. Let's dig into the charts and indicators. 
In the daily bar chart of MT, below, we can see that the shares have traded sideways since May. Buying interest has appeared in the $28-$26 area and rallies have stalled out above $34. MT is now trading above the rising 50-day simple moving average line as well as above the rising 200-day line.
The On-Balance-Volume (OBV) line has moved sideways since April but is currently closer to an upside breakout. The Moving Average Convergence Divergence (MACD) oscillator has narrowed but it is still in a bullish alignment.
In the weekly Japanese candlestick chart of MT, below, we can see that prices are above the rising 40-week moving average line. MT is in position to test and break the chart resistance above $34.
The weekly OBV line is turning up from late November. The MACD oscillator is close to an upside crossover and new buy signal.
The daily Point and Figure chart of MT, below, we can see a nearby price target in the $35 area. A trade at $36.74 will refresh the uptrend.
In this long-term weekly chart of MT, we can see a large double bottom in early 2016 and 2020. The neckline intersects in the $36-$37 area and a breakout over that trendline could propel prices to the $65 area -- taking the height of the pattern and projecting it upwards from the neckline.
Bottom-line strategy: Traders could go long MT on strength above $36 risking to $29. Add to longs on a weekly close above $37.
