Rio Tinto: bounce holds, but sellers stay in control
Rio Tinto gains 2.1% this week, but sellers stay firmly in control
Rio Tinto: bounce holds, but sellers stay in control
Our view last week
Rio Tinto's week closes almost flat, down 0.4%, but the latest session tells another story: all of the day's volume was on the buy side, and on the daily chart a double bottom is taking shape in the 6540 area, with an 8% rebound. The Sell signal, now four weeks old, keeps losing its edge - the descriptor reads "decline losing steam" - while the short is already up 6.17%. Rio Tinto shares still sit 21.9% above their 200-week average: weekly technical analysis on a picture hanging in the balance.
This week's summary
This week Rio Tinto shares gain 2.1%, but beneath the surface the picture doesn't add up: sell volume climbs to 78%, the highest of the past four weeks, and weekly momentum keeps accelerating to the downside. The rebound off the double bottom in the 6540 area continues, but the last bar shows sellers firmly in control. The sell signal, now in its fifth week, stays under management with the short up 4.17%.
IQS Phase
52
ordinary
Signal Strength
2
decline losing steam
Sizing
MINIMUM
Ranking
#48 / 56
EU-UK stocks
Trade P&L %
+4.17%
from signal to today
Rank position
ranks 48th among the 56 sell signals for European-UK stocks in our ranking, with a signal strength of 2 out of 100.
Sector context
SectorEuropean
Benchmark ETFEXV6
Sector regimein positive regime
Performanceweekly +3.13% · monthly -0.21%
RIO belongs to the european sector (reference ETF EXV6). The sector is classified in positive regime according to our weekly reading.
restricted Platinum content