RIO TINTO (Waiting for Confirmation)
Rio Tinto – Mining
Market Cap: €1.35 bln
Price: $61.74
6 Month Dividend: $2.24 (c.3.2%) – March 2023 Quote
Dividends recently cut significantly from $4.79 in March 22 (c.5.7%) to $2.24 April 2023 (c.3.2%).
Chart
- Whilst the long term trend is up with higher lows on the large pennant since 1990, we have not made a higher high since May 2008 and this is a little concerning long term.
- On Balance Volume continues increasing which is position and offers some reassurance. We do have our first lower high here on the short term and this could signify a change in price direction.
- In terms of a trade, I’m inconclusive for now. I would like the RSI to come back down to the bottom of the purple RSI pennant at minimum (Short Term Buy potential) or become totally oversold
on the RSI for a confident buy in.
- Any tests of the bottom of the large pennant would be ideal but this may never happen again, time will tell so we focus on the RSI for now.
- At present price is pincered between the 200 week SMA and key support. This is likely an inflection point. A good time to wait and see.
- An upward sloping 200 week is positive but it is also acts as resistance and until we are above it again, it will remain resistance. Getting a hold above it could offer a buying opportunity.
- I will update the chart when we have some confirmation of direction
Market Cap: €1.35 bln
Price: $61.74
6 Month Dividend: $2.24 (c.3.2%) – March 2023 Quote
Dividends recently cut significantly from $4.79 in March 22 (c.5.7%) to $2.24 April 2023 (c.3.2%).
Chart
- Whilst the long term trend is up with higher lows on the large pennant since 1990, we have not made a higher high since May 2008 and this is a little concerning long term.
- On Balance Volume continues increasing which is position and offers some reassurance. We do have our first lower high here on the short term and this could signify a change in price direction.
- In terms of a trade, I’m inconclusive for now. I would like the RSI to come back down to the bottom of the purple RSI pennant at minimum (Short Term Buy potential) or become totally oversold
on the RSI for a confident buy in.
- Any tests of the bottom of the large pennant would be ideal but this may never happen again, time will tell so we focus on the RSI for now.
- At present price is pincered between the 200 week SMA and key support. This is likely an inflection point. A good time to wait and see.
- An upward sloping 200 week is positive but it is also acts as resistance and until we are above it again, it will remain resistance. Getting a hold above it could offer a buying opportunity.
- I will update the chart when we have some confirmation of direction
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