What’s the outlook for Rio Tinto?
Independent analyst Alistair Strang explains what his charts suggest for the FTSE 100 miner.
5th December 2024 09:22
by Alistair Strang from Trends and Targets
Rio Tinto is yet another company facing calls to move its main listing from London to Sydney.
Its share price looks like it's quivering on the edge of doing something useful, making a sense of future direction possible.
If reversals are coming, below 4726 should justify a hard look, this risking triggering reversal to an initial 4647 with our secondary, if broken, at 4357 and hopefully a bounce.
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The danger comes if Rio Tinto Registered Shares (LSE:RIO)'s share price closes below 4357p, as a third level drop potential works out at 3716p and hopefully a rebound.
A converse positive view stumbles on to the scene if the share price manages to exceed 5250p and this has the potential of triggering movement to an initial 5774p.
Our secondary, if such a level is bettered, works out at a pretty-useful 6224p and almost certain hesitation.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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