Rio Tinto 081920

Market chart showing uptrend
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By :  ,  Financial Analyst
Rio Tinto's Kennecott mine in Utah has experienced delays to the restart of the smelter, As a result, Rio Tinto group production guidance for refined copper in 2020 is now 135 to 175 kt (previously 165 to 205 kt). 

From a technical point of view, the stock remains supported by a rising trend line drawn since Mid-March and trades above a former resistance area at 4490. Abobe 4400, a new up leg would be anticipated towards horizontal resistance at 4970 and then 5460 (Fibonacci tartget) at 5460.

Source : TradingVIEW, Gain Capital

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