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Shares of ArcelorMittal South Africa lose ground on technical factors after two days of strong gains.

At 11:40 SA time, the company's shares were down 2.60 percent at 35.06 rand.

The company's share price, which added around 12 percent in the two previous sessions, weighed by technical factors after its 14-day RSI, a measure of momentum watched by technical analysts, hit the overbought level of 70 on Wednesday.

On Thursday the RSI had fallen to around 62. - Reuters