Arcelor Mittal Weekly Chart

Well, before I head into “weekend mode” which typically consists of relaxing, hanging out with colleagues, and more relaxing, I found the weekly chart of Arcelor Mittal (MT) to be pretty interesting. Before I post the chart I will lay out the ground work of what you are looking at what to take into consideration if are you possible look at buying this stock.

First take a look at the Moving Averages, specifically the 20 and 10 which the stock has found support at. Next look at the upward channel the stock has formed, this is what we will be utilizing going forward. What isn’t too comforting is the MACD indicator which is displayed below the chart, notice how it is higher than at any previous point over the last year+. Even though the stock held up nicely this week, this may be an indication that the stock is overbought. Here is the chart: