Ore prices were around 140ish in April and May this year and RIO was 67ish.
Today ore and RIO prices exactly mirror those. At this point, I believe RIO risk:reward is very poor to step in now.
I'd rather wait if spot ore prices are holding 135 level.
On technical side, 6-wk straight up is also very overbought and vulnerable for retracement.
potential bottom, page-24
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Last
$109.74 |
Change
-1.010(0.91%) |
Mkt cap ! $40.73B | |||
| Open | High | Low | Value | Volume |
| $110.96 | $112.25 | $108.88 | $110.5M | 1.003M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 763 | $109.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $109.78 | 3628 | 4 |
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| Last trade - 16.10pm 18/09/2024 (20 minute delay) ? |
| RIO (ASX) Chart |