ArcelorMittal (MT): An 11-year big base

We got a question on ArcelorMittal (MT), steel, and other industrial metals.

ArcelorMittal (MT): Big base breakout points higher

MT is a steel stock that is breaking higher from mid 2014 into late 2025 big base pattern. The breakouts above 34.90-34.59 and 37.50 project further upside to 48.50 and 68.25, respectively. These breakout points reverse roles from resistances to offer support on MT moving forward. Rising 13-, 26-, and 40-week moving averages at 34.65, 32.63, and 30.82, respectively, reinforce the bullish shift in trend for MT.

Chart 1: ArcelorMittal (MT)

The VanEck Steel ETF (SLX) could break out as well

We highlighted the VanEck Steel ETF (SLX) as bullish in our Sep 8 The Sector Edge along with bullish charts for the Global X Lithium & Battery Tech ETF (LIT) and Global X Copper Miners ETF (COPX).

SLX remains positioned for a bullish breakout. The breakout level moves to 74.40. Sustaining a push above this area would target 97 initially with longer-term upside potential back to the 2008 peaks near 112-114. Given the potential for an even bigger base going back to 2011, we would not rule out eventual new highs for SLX.

Chart 2: VanEck Steel ETF (SLX)

The Invesco DB Base Metals Fund (DBB) is building a base

DBB tracks industrial metals and is building a potential mid 2022 into late 2025 head and shoulders (H&S) bottom. A tactical breakout remains intact above 20.00-19.80, placing the focus on the bigger basing pattern. It would take a sustained rally above the H&S bottom pattern highs at 21.45, 21.98 and 23.34 to definitively break the pattern neckline, confirming the bullish setup for further upside toward 26.80-27.01 (pattern count and the 2022 peak).

Chart 3: Invesco DB Base Metals Fund (DBB)