Technical market scenario – what message does Acerinox and ArcelorMittal give us? (IV)

Add and continue. Seventh consecutive week of recovery in some European stock markets that seem to have given up on gains. So what Dax and Eurostoxx 50Do not forget to break the main medium-term supports at the close of the daily, weekly and monthly candle at the end of September.

Almost nothing! God’s hand holding the market remembering the Argentine star, Diego Armando MaradonaNow that the World Cup is starting in Qatar, it was the banks that denied the declines as they did not converge downwards. That’s the technical explanation for this big leap.

So we are exactly the same as we were last week, but higher, so we are completely referring to what has already been commented (look here).

The game is playing now Wall Street, excellent market director. This analysis misses an upward divergence of the Dow theory to form the definitive base that will end the correction process of the uptrend born in March 2020, as you well know since we mentioned it.

And that would see new relative dips in technology or some of it, taking advantage of the ultimate overall correction of this impressive recoil that seems to have no end.

Nasdaq 100 CFD Weekly Chart Next Generation Platform CMC Markets

Either way, the purpose of this article was to tell you about the steel companies listed on the Spanish stock exchange. If you read us regularly, you will know that we have reserved a maximum of three entries (January, May Y July) to Acerinox and ArcelorMittal “very chinese”that they have it to overcome the main resistance zones.

This was because of the monthly rejection candles that showed both values ​​throughout the month of January. We are talking about character resistors perennialand therefore to a higher degree. In the case ofArcelorMittal30.80-33.10 euros in the region and aserinox12.31-11.70 euros, with the nuance that this case also represents its historical peaks. It has not changed since December 2006. Of course, we are always talking about graphs adjusted for dividends and increments and on a semi-logarithmic scale.

Arcelor, monthly

Acerinox, monthly

These resistances are still there, presenting an impenetrable wall for now. However, what has happened in recent weeks offers a truce for any bearish continuum scenario. Arcelormittal’s breakout of the EUR 25.40-60 zone proves this as it is the weekly candlestick that “makes the number break down”.

ArcelorMittal CFD Weekly Chart Next Generation Platform CMC Markets

This means that the rising minimums of Dax and Eursotoxx and the 7-week candlesticks are the same as those of Arcelor and Acerinox, although we do not show it. The global scenario is combined with considerations from Wall Street.

On this occasion, I leave you with the video analysis we made yesterday from the YouTube channel we work with on Mondays and Fridays. We evaluated your moves yesterday.Bitcoin and Ethereum. they can see it click here

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