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
Heavy short covering in FTSE:Rio and US:RTP.One must remember...
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Last
$119.00 |
Change
-2.540(2.09%) |
Mkt cap ! $44.17B | |||
| Open | High | Low | Value | Volume |
| $120.56 | $120.69 | $119.00 | $216.2M | 1.800M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 130 | $118.99 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $119.13 | 1255 | 1 |
View Market Depth
| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| RIO (ASX) Chart |