The company sold roughly 23.9 million Vallourec shares at 24 euros per share and said the proceeds will fund its ongoing share buyback program. After the sale, ArcelorMittal will retain a 17.3% stake in Vallourec and keep one seat on the company’s board.Chief Financial Officer Genuino Christino said the transaction reflects ArcelorMittal’s strategy of unlocking value from investments and returning capital to shareholders through buybacks.MT Technical Outlook: Key Levels And MomentumThe current price of ArcelorMittal is $61.81, which is significantly above its 200-day simple moving average (SMA) of $47.04, indicating a strong long-term trend.The stock is currently 31.4% above this key moving average, suggesting bullish momentum.The 20-day SMA is at $60.13, and the stock is trading 2.8% above this level, further confirming its upward trajectory.The Relative Strength Index (RSI) currently sits at 54.68, indicating a neutral momentum phase. This suggests that the stock is neither overbought nor oversold, providing a balanced outlook for potential future movements.
Key Resistance: $63.50 — a nearby level where rebounds can stall.
Key Support: $55.00 — a level where buyers previously stepped in.
