well personally i dont short rio. as i said it was too illogically sticky in price support around 46-53.
clearly there are a lot of fundamental buyers of the stock regardless of its poor mgt, capital allocation and performance.
my expectation is both it and bhp will get a 20-30% rapid 'deadcat' when market thinks bottom is in iron ore - prior to it realisign the iron ore market will just go sideways for years and then finally normalising the stocks valuation.
and given i think USD should peak in 1st /2nd qtr - that ST upside risk starts to emerge now.
if i had to guess id say $36 will be around the bottom. thats a 50% fib from where it was when the $us110/t decline started heating up.
calling bids of $36?, page-8
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Last
$119.74 |
Change
-1.590(1.31%) |
Mkt cap ! $44.44B | |||
| Open | High | Low | Value | Volume |
| $121.45 | $121.72 | $119.56 | $87.79M | 730.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 5894 | $119.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $120.25 | 2343 | 1 |
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| Last trade - 16.10pm 04/11/2024 (20 minute delay) ? |
| RIO (ASX) Chart |