Company Description: ArcelorMittal engages in the production and marketing of finished and semi-finished carbon steel and stainless steel products worldwide. It offers flat products, including sheet and plate; and long products comprising bars, rods, and structural shapes, as well as pipes and tubes. The company serves automotive, appliance, engineering, construction, energy, and machinery industries. The company, formerly known as Mittal Steel Company N.V., was founded in 1989 and is headquartered in Luxembourg, Luxembourg..

Our Analysis: The shares of Arcelor Mittal 'MT' moved sharply lower on heavier than normal trading volume yesterday. In the process they closed below a recently established downside support level. Additionally the shares of 'MT' have been in a downward trend since early April. The shares of 'MT' should continue to move lower and test $27.88/share, the point from which they gapped higher on the open of trading on May 19th of last year. If the shares of 'MT' close below that level then I expect them to continue to move lower and test $25.73/share, the point from which they gapped higher on the open of trading on May 18th of last year. I see upside resistance on the shares of 'MT' @ $29.04/share, and have set my stops accordingly @ $29.43/share.