Shares of ArcelorMittal SA ADR (MT) have been marching higher, with performance now standing at 13.73% over the past month, up 19.24% over the last quarter, and a whopping 69.78% YTD. In doing so, shares have also climbed up the SIA relative strength matrixes, specifically in the SIA International ADR Report, where the stock has now entered the favored zone and currently sits at position #55. This follows a long stretch from 2022 to early 2025, when MT was buried deep in the unfavored zone, before beginning to climb through the neutral yellow zone and into the favored zone once again.
What is potentially most exciting about the recent move is that it corresponds with a multi-year breakout on the point and figure chart that dates back to 2015, making it a decade-long formation and a significant event for SIA point and figure technicians. This resistance, now turned support, is marked in light green on the chart with a support line drawn at $31.68, with additional support at the $24.82 level near the positive trend line. While shares of MT show strength, they are not without challenges on the upside, especially given the headwinds facing steel and iron ore stocks. Resistance extends back to 1999 and is marked in red on the chart, with the $59.73 level acting as a stopping point for bullish investors multiple times over the past three decades, and the $88.25 level also presenting resistance that dates back to 2005. MT is a member of the Metals and Mining sector, which remains favored in the SIA Sector Report, and the shares carry an SMAX reading of 8 out of 10, further underscoring their growing relative strength position.
While the first chart is a long-term point and figure chart that highlights the magnitude of the breakout in MT stock on both a relative and absolute basis, the second chart focuses on the recent move through the $33 to $35 resistance zone. Below the candlestick chart, we have added the Average Directional Index (ADX) to provide additional insight into trend strength. The ADX indicator consists of three lines: the ADX line itself, which measures trend strength, and the +DI and -DI lines, which signal directional movement. In our system, the red +DI line has moved higher while the green -DI line has declined, creating a divergence that suggests increasing bullish momentum behind the move.
Thereās a bit of serendipity in the fact that just last week we highlighted Xcel Energy (XEL) as a "gro-tility" making waves with its partnership with Form Energy, positioning itself at the forefront of long-duration energy storage. Now, we find ArcelorMittalāone of the worldās largest steel and mining companiesāalso deeply connected to Form Energy through both investment and material supply. This unexpected overlap underscores how Formās iron-air battery technology is quietly becoming a common thread between industrial and utility leaders. For ArcelorMittal, the partnership supports its decarbonization goals and opens new opportunities for its core materials to power the next generation of clean energy solutions.
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