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3 Steel Stocks That Are Rusting Out

Technical patterns look downright ugly in some areas

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Steel Stocks to Short: ArcelorMittal (MT)

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ArcelorMittal (MT) looks ready to drop out of a five-month-old rounded-top pattern after losing volume-by-price support near $17 a share. This is going to be a slower =0moving position, but I’m still looking for a possible decline to support near $12.50 — which would be worth a 20%-plus drop from here.

I’ve recommended the March $14 puts to my Edge Pro clients.

Anthony Mirhaydari is founder of the Edge and Edge Pro investment advisory newsletters, as well as Mirhaydari Capital Management, a registered investment advisory firm.

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