Rio Tinto: new sell signal, bearish structure and trading not recommended

Rio Tinto enters week 1 of a new sell signal: weekly structure in an intermediate downtrend, MACD in negative territory. The signal week saw a shallow drop — signal strength at 31 out of 100, a week of indecision — while on the daily chart a double bottom is forming in the 6970 area with a 21% rebound. Trading is not recommended by our model: the stock sits nearly 31% above its 200-week moving average.