RIO was a big short based on technical reason.
Reasons to me are not important as we will never find out and at some point I thought it would go down and my average price is just under 102.
This is a technical move for me and yet I do not believe in charts that much and have gone short on Macquarie Bank as well for the same reason.
Iron ore price has spiked based on the accident in Brazil and the demand in Iron ore is more or less the same and we have so much problems in the world and economy in the world is not hot.
The government is Brazil need money and they can reverse their decision at any time so traders got carried away buying RIO and BHP and pushed the price to overbought level.......now people are taking profit and shorting the stocks and momentum, will do the rest.
This sell off can just be a warm up and feels low 90 is possible.
RIO was a big short based on technical reason.Reasons to me are...
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Last
$121.45 |
Change
2.460(2.07%) |
Mkt cap ! $45.08B | |||
| Open | High | Low | Value | Volume |
| $120.08 | $121.76 | $119.14 | $162.3M | 1.344M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 876 | $121.40 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $121.45 | 2545 | 1 |
View Market Depth
| Last trade - 16.10pm 25/06/2024 (20 minute delay) ? |
| RIO (ASX) Chart |