asia stock chart of the week 17 oct 21 oct rio tinto 1834342016
Rio Tinto (ASX: RIO) – Hovering below 55.30 significant resistance with risk of setback (Click to enlarge charts) Key elements The on-going multi-month rally seen […]
Rio Tinto (ASX: RIO) – Hovering below 55.30 significant resistance with risk of setback (Click to enlarge charts) Key elements The on-going multi-month rally seen […]
Intermediate resistance: 53.30
Pivot (key resistance): 55.30
Supports: 47.80 & 41.80
Next resistance: 60.00
As long as the 55.30 pivotal resistance is not surpassed, technical elements and cross assets intermarket analysis are advocating for a potential setback for Rio Tinto towards the 47.80 support. Only a clear break below 47.80 (daily close) is likely to open up scope for a deeper decline towards the next support at 41.80.
However, a clearance above 55.30 may invalidate the setback scenario to see the continuation of the multi-month up move to target the next resistance at 60.00.
Charts are from eSignal as at Thurs, 13 Oct 2016
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