ArcelorMittal (MT) : Traders are bullish on ArcelorMittal (MT) as it has outperformed the S&P 500 by a wide margin of 10.96% in the past 4 weeks. The bullishness in the stock continues even in the near-term as the stock has returned an impressive 5.68%, relative to the S&P 500. The stock has continued its bullish performance both in the near-term and the medium-term, as the stock is up 5.65% in the last 1 week, and is up 11.38% in the past 4 weeks. Buying continues as the stock moves higher, suggesting a strong appetite for the stock.
ArcelorMittal is up 44.55% in the last 3-month period. Year-to-Date the stock performance stands at 50.71%. The stock has recorded a 20-day Moving Average of 1.95% and the 50-Day Moving Average is 14.39%.
ArcelorMittal (NYSE:MT): The stock opened at $6.43 on Friday but the bulls could not build on the opening and the stock topped out at $6.47 for the day. The stock traded down to $6.34 during the day, due to lack of any buying support eventually closed down at $6.36 with a loss of -2.90% for the day. The stock had closed at $6.55 on the previous day. The total traded volume was 12,196,305 shares.
Also, JP Morgan upgrades its rating on ArcelorMittal (NYSE:MT). Analysts at the JP Morgan have a current rating of Neutral on the shares. The shares were previously rated Underweight. The rating by the firm was issued on August 19, 2016.
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.