Yes, actually it breeched the 35 EMA. I can see it using the 50d SMA as the support line, which is what most institutions use as well.
If it holds above this line, it should do ok. And I can definitely see it regaining some strength in the coming months.
In the short term, there is slight weakness of metals, and the general market as a whole is trending down (apart from some large cap stocks).
Where miners are concerned, the sentiment regarding the Alcan bid is generally split - but looks to be negative in the short term, and positive in the long term. So if you are position trading, then place your trade now and look for it in 3 years time. However, I wouldn't place your short term trades for upside just yet. If it breaks the 50d SMA, there will be more selling.
Other miners won't be dragging it up either. BHP is currently in a topping pattern, and looks to be forming the move for a slight correction.
The entire market as a whole is also looking like it wants to correct. RIO is no insulated from that, and as such, I would recommend that your short term trades are not place for green RIO.
RIO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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