The Hourly View for RIO
At the time of this writing, RIO’s price is up $0.9 (1.08%) from the hour prior. RIO has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 and 200 hour changed directions on RIO; they are now pointing up. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
RIO’s Technical Outlook on the Daily Chart
Currently, RIO’s price is up $2.1 (2.56%) from the day prior. This move is a reversal from the day prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 day timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 day moving average, resulting in them with price now being above it. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The chart below shows RIO’s price action over the past 90 days.
For RIO News Traders
News traders keeping an eye on RIO may find value in this recent story:
They are doubling the monthly spot rate on 20-year high-quality market corporate bonds
Want More Great Investing Ideas?
The post Rio Tinto Ltd (RIO): Price Now Near $84.22; Daily Chart Shows An Uptrend on 100 Day Basis appeared first on ETF Daily News.
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