ArcelorMittal (MT) : The money flow analysis of ArcelorMittal (MT) indicates a $8.21 million of outflow was on downticks, whereas, the investors on Wednesday gobbled up stocks worth $10.09 million on upticks. The ratio between the upticks and downticks was clearly in favor of the bulls at 1.23 and so was the total money flow at $1.87 million. A solid up-down ratio of 1.62 in block trades indicates that the investors are accumulating the stock on weakness. The bulls lapped up $3.45 million worth of block trades on upticks. Only $2.13 million worth of the stock exchanged hands on downticks. The money flow was $1.32 million in block trades, underlining the interest of the bulls in the stock even when the stock was declining.However, the price action shows that the bears had an upper hand in the stock of ArcelorMittal (MT), pushing it down by -0.28% for the day. The stock slid $0.02 and traded at $5.44 during the day. Nonetheless, the stock is -3.63% over the previous weeks close.
Also, In the latest statement by the brokerage house, Citigroup upgrades its outlook on ArcelorMittal (NYSE:MT). The current rating of the shares is Buy, according to the research report released by the firm. Previously, the company had a rating of Neutral. The brokerage firm raises the price target from $5 per share to $5.4 per share. The rating by the firm was issued on June 1, 2016.
ArcelorMittal (NYSE:MT): The stock opened at $5.40 on Wednesday but the bulls could not build on the opening and the stock topped out at $5.50 for the day. The stock traded down to $5.33 during the day, due to lack of any buying support eventually closed down at $5.43 with a loss of -0.37% for the day. The stock had closed at $5.45 on the previous day. The total traded volume was 17,057,972 shares.
The stock has recorded a 20-day Moving Average of 7.39% and the 50-Day Moving Average is 9.34%.
ArcelorMittal SA (ArcelorMittal) is a holding company. The Company is a steel and mining company, which operates through five segments: NAFTA; Europe; Brazil; Africa and Commonwealth of Independent States (ACIS), and Mining. The Company produces a range of finished and semi-finished steel products. Specifically, it produces flat steel products, including sheet and plate, and long steel products, including bars, rods and structural shapes. In addition, the Company produces pipes and tubes for various applications. The Company also produces various types of mining products, including iron ore lump, fines, concentrate and sinter feed, as well as coking, pulverized coal injection (PCI) and thermal coal. The Companys subsidiaries include ArcelorMittal Dofasco Inc., ArcelorMittal Montreal Inc., ArcelorMittal Point Lisas Ltd., ArcelorMittal Belgium N.V. and ArcelorMittal South Africa Ltd., among others.