ArcelorMittal (NYSE: MT) shares traded mostly even in value on Wednesday January 18 on lighter trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, in early trade today, the S&P 500 SPX, +0.00% was off 2 points, or 0.1%, at 2,265, shortly after open. The Nasdaq Composite COMP, +0.20% was flat at 5,537. The Dow Jones Industrial Average DJIA, -0.20% slipped 54 points or 0.3%, to 19,770.
Analysts at Commerzbank AG upgraded shares of ArcelorMittal (NYSE: MT) from Hold to Buy today. The company currently has a rating of Buy on the stock. The one-year price target of $8.82 is higher than the opening price of $8.09, resulting a number of other analysts to issue statements on the company in recent days. Looking back over the last 52 weeks, ArcelorMittal stock has a high of $8.84. Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of ArcelorMittal (NYSE: MT) opened at $8.09 yesterday and traded in a range between, $8.07 and $8.15, and last traded at $8.13.
ArcelorMittal (NYSE: MT) currently has a market cap of 24.87B.
ArcelorMittal (NYSE: MT) Average Daily Trading Volume
The stock’s average daily volume is 18,406,900 shares out of a total float 3,058,051,000 and some 2,476,709 shares crossed the trading desk yesterday, 104 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts that research thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
ArcelorMittal (NYSE: MT) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind, ArcelorMittal (NYSE: MT) now has a 50-day MA of $7.79 and 200-day MA of $6.61. It has traded in a 52-week range between $2.93 – 8.84 and today’s last price is 8.03%% lower than the 52 week high of $8.84.
Earnings growth is an important factor to research when buying stocks and investors seek companies that have raised their earnings at least 25% or more for 3 consecutive years.
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