MT: Buying the Dip. We look to Buy at 29.48 (stop at 27.95)
ArcelorMittal - Short Term - We look to Buy at 29.48 (stop at 27.95)
Preferred trade is to buy on dips. Previous resistance at 30.00 now becomes support. We have a 38.2% Fibonacci pullback level of 29.24 from 23.12 to 33.02. The bias is still for higher levels and we look for any dips to be limited. Risk/Reward would be poor to call a buy from current levels.
Our profit targets will be 33.01 and 34.40
Resistance: 33.00 / 35.00 / 37.00
Support: 30.00 / 28.00 / 25.00
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