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Amsa shares near 7-year lows

Jul 17 2012 11:58
Reuters

Company Data

ARCELORMITTAL SOUTH AFRICA LIMITED [JSE:ACL]

Last traded 10
Change 0
% Change 4
Cumulative volume 1622851
Market cap 0

Last Updated: 29-04-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares in ArcelorMittal South Africa [JSE:ACL], Africa’s largest steel producer, are pinned down in volatile trade near 7-year lows on lingering concerns about falling Chinese demand and its impact on steel prices.

But the share is getting technical support at these levels. At 08:10 GMT, the shares were down 0.47%t to R51.14 after earlier falling well over 2% to R50.03.

The stock got strong support around this level this week and two weeks ago, and November 2005 when it was last around this value, according to Reuters data.

“This is the fourth attempt in the past two weeks to break below R50 on this share but a combination of past congestion and recent prior lows, coupled with monthly signals which suggest it is in oversold territory, suggest there may be a near-term bottom forming,” said George Glynos, managing director at financial consultancy ETM.

 
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