RIO1 trade ideas
RIO TINITO BULLISH AT $30 MARKWait until Wednesday latest if the price doesn't fall then buy. Using price action $30 shows bullish momentum supply and demand has been outlined. With weekly highs being touched price should lower, then jump up again. For now i would wait. If price does go towards and touches support at $27 mark i would definitely be buying this market
Rio Tinto – Gaps lower, re-enters expanding channelShares opened lower today and are now trading at least 5% lower on the day around 2555 levels.
Retreat from 2800 (Oct 11 high) followed by a drop to 2550 levels adds credence to the bearish price RSI divergence on the daily chart. However, a 250 point point drop could lead to short-term loss of momentum and thus yield sideways action before further losses materialize.
The immediate support at 2487 (Apr 21) is likely to be put to test.
On the higher side, only a daily close above 2623 would suggest bearish invalidation.
Rio Tinto – Inverse H&S breakout on weekly Rio Tinto weekly chart shows inverse head and shoulder breakout, although subsequent rise has been capped repeatedly around 2550 levels.
On the daily chart, both the RSI and money flow index suggest increasing bearish pressure on prices.
Hence, we could a minor drop to 2390-2350 area.
However, overall view stays bullish unless the weekly close is below neckline support level.
LON:RIO Corrective with Short Term Sell OpportunityHi Everyone, there is a sell setup for RIO -0.89% on the London Exchange.
It is in a corrective ascending triangle which we are waiting for to break down and out of. A high risk entry is available on lower time frames now which could bounce up off the lower trend line but otherwise we will wait for the break and retest of the lower trend line for the sell.
RIO TINTO SHORTBig price drop on MN chart, then typical correction and now possible secound down move of price. I took signal order from D1 chart.
Rio Tinto share price is in consolidation phrase.Even though there is Rio Tinto's New Boss is welcomed by the market and commodity price is supported are the good news to sell.
