Heavy short covering in FTSE:Rio and US:RTP.
One must remember short covering doesnt last only one day just to have price drop again.Rio is GOING UP.
This was once in a lifetime drop for Rio and cleaned many people out.It was $65 only last week.Imagine all the poor people who were screwed as the price fell and who lost heaps.Then think of those who had money left were too scared to reenter @$30.
The shorters know they wont get it back down again and are unwinding their shorts.
Rio will go to $41+ then $66 and then $93.
Even at $93 its still off 30% from highs which is the equiv of BHP @ $35 so imho Rio has huge upside.
They are slashing jobs/capex and have given foreward guidance whilst maintaining dividend.
Shorters are being burned quickly and as they turn from short to long this stock is going to rocket..
DYOR
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Last
$110.09 |
Change
1.690(1.56%) |
Mkt cap ! $40.86B |
Open | High | Low | Value | Volume |
$110.42 | $111.63 | $109.38 | $294.4M | 2.619M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 317 | $110.08 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$110.40 | 100 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 317 | 110.080 |
2 | 205 | 110.070 |
2 | 2050 | 110.000 |
1 | 2552 | 109.960 |
1 | 2552 | 109.850 |
Price($) | Vol. | No. |
---|---|---|
110.400 | 100 | 1 |
110.500 | 230 | 1 |
110.520 | 100 | 1 |
110.600 | 205 | 2 |
110.720 | 2552 | 2 |
Last trade - 16.10pm 16/08/2024 (20 minute delay) ? |
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RIO (ASX) Chart |