Geffa,
Also the dear old AUD fell to 0.6778 from a local close of about 0.6810. Together with the London close, we could see RIO up 50 to 60 cents on Monday.
However .... longer term is not too encouraging. I was just having a look at RIO over the past 2 years and I believe this is an ABC correction. A was $12.55 (from $41.51 to $28.96); B went back to $35.45 (a tad above a 50% correction) and if C = A then we have a target of $22.90!!
The structure of the current downward movement from $35.45 is hard to read on a daily chart (some sort of leading diagonal?), but on a weekly it is clearly an impulsive move down.
Bottom line - I would you treat any upward movements as corrective and a good place to sell into and not automatically conclude it is the beginning of a new bull market.
Regards,
Jaysee
rio short term part 2, page-2
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Last
$111.93 |
Change
1.460(1.32%) |
Mkt cap ! $41.55B | |||
| Open | High | Low | Value | Volume |
| $109.70 | $112.20 | $108.94 | $217.4M | 1.958M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5 | $111.90 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $111.99 | 50 | 1 |
View Market Depth
| Last trade - 16.10pm 21/08/2024 (20 minute delay) ? |
| RIO (ASX) Chart |