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Acerlormittal

April 16, 2024
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Update

Weekly Update:

 

Acerclormittal caused a huge stir in the market on Thursday the 28th  of this previous week. The stock reached a session low of R5.49/share, which was a drawback of ~15% in one trading session. I spoke about this possible drawback on my previous post and it should not have come as a  surprise when it occurred. The stock later recovered all its losses and it is now trading back above R6/share.

My forecast on the stock has not changed , but rather strengthened. The quick recovery is a good sign of a strong demand at R5/share and could potentially push price to at least R7/share in coming weeks. However, the stock can still go test the R5 demand zone and this should not be a surprise to investors.

I will give an update again on the stock  when/if it reaches R7/share.

 


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