Rio Tinto - what's up?

loser

Newbie
2 0
Anyone got a clue what's happening with Rio Tinto this past week or so - up from approx £13 to £14 in a week? Apparently a move from defensives to cyclicals - but surely more to it than this? Good news in the offing or time to short?
 

FTSE Beater

Experienced member
1,518 4
Hi Loser

Welcome to T2W :)

From a technical point of view it broke out of it's resistance level, and then the buying power started to take effect.



The red line was the first barrier that it had to clear. Once that went then the price quickly moved up to 1360 (the green line) which was the next resistance point and as there was still greed buying - it took the price higher.

Good news in the offing or time to short?
Well you won't know if there is any good news out until it's out and then it's too late. As for shorting....not part of my strategy, so not for me - that's not to say it won't go lower from here though :confused:

HTH
 

CityTrader

Established member
665 26
"technical squeeze" the market is short of this stock. I know as I looked into shortiing it myself.
 

loser

Newbie
2 0
Thanks guys

just to let you know, I did short Rio after all and made 50 points in a couple of days - bit of a punt I know, but there you go.

keep the faith

loser
 
 
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