In the case of ArcelorMittal SA, the RSI reading has hit 26.8 — by comparison, the universe of metals and mining stocks covered by Metals Channel currently has an average RSI of 47.7, the RSI of Spot Gold is at 10.3, and the RSI of Spot Silver is presently 13.1. A bullish investor could look at MT's 26.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), MT's low point in its 52 week range is $20.52 per share, with $28.95 as the 52 week high point — that compares with a last trade of $22.08. ArcelorMittal SA shares are currently trading down about 3.4% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
