Ivory_Wolf

Bullish potential detected for RIO

Long
Ivory_Wolf Updated   
ASX:RIO   RIO TINTO LIMITED
Detected in the latest scan for the week ended 27-Oct (detailed commentary and full scan results available in the signature below), RIO represents a potential bullish opportunity should momentum continue and newer highs be made past the current position - observe the overhead resistance of $119.63 from 3rd April, which would need to be cleared before further advances in share price can occur. Depending on risk tolerance, stop loss for the trade would be the low of the recent channel (i.e.: below the low of $110.37 from 8th September) or beneath the prior support level of 17th August (i.e.: $103.62).
Trade active:
As discussed in the latest video update for week ended 03-Nov, trade activated 01-Nov and also offered an opportunity for entry for those who missed out should the share price retrace back to the support level established at $119.63 (prior resistance from 03-Apr, now support).
Trade active:
Apologies for the delayed publishing of these details - it's been a hectic week - don't forget that the weekly videos (details in the footnote) also contain a lot of these details/updates for the ASX trades in case of delays.

In saying that, as discussed in the latest weekly update for the week ending 10th November, the share price appears to be successfully testing the prior resistance (now support) of $119.63 from 03-Apr.
Trade active:
Apologies for the delayed publishing of these details - another hectic week - don't forget that the weekly videos (details in the footnote) also contain a lot of these details/updates for the ASX trades in case of delays.

In saying that, as discussed in the latest weekly update for the week ending 17th November, the share price appears to be successfully tracking the 10 day moving average and potentially forming a new support level following a gap continuation. Depending on risk tolerance, traders could await the formation of the next swing bottom in order to place their next stop after the next level of support is established.
Trade active:
Further update provided in the latest weekly video update for the week ended 24-Nov.
Trade active:
Further update provided in the latest weekly video update for the week ended 01-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 08-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 15-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 22-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 29-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 05-Jan, noting that the share price has now entered the 'no man's land' area between 10 and 30 day MA's with a test of potential resistance forming at $134.51 from 22-Dec.
Trade active:
Further update provided in the latest weekly video update for the week ended 12-Jan, with specific note that share price has closed below 10 and 30 day MA's - caution warranted, considering former resistance levels have been respected (observe market reaction to highlighted support areas shown in the weekly video).
Trade active:
Further update provided in the latest weekly video update for the week ended 19-Jan, with specific note that share price has successfully tested support levels a number of times over the past week.
Trade active:
Further update provided in the latest weekly video update for the week ended 26-Jan, with specific note that the share price tested the last line of defence prior to closing above both the 10 and 30 day MA's towards the end of the week.
Trade active:
Further update provided in the latest weekly video update for the week ended 02-Feb.
Trade active:
Further update provided in the latest weekly video update for the week ended 09-Feb, with specific note that share price has closed below 10 and 30 day MA's yet again - caution warranted, considering former resistance levels have been respected (observe market reaction to highlighted support areas shown in the weekly video).
Trade active:
Further update provided in the latest weekly video update for the week ended 16-Feb, with specific note that share price has closed below 10 and 30 day MA's yet again - caution warranted, considering former resistance levels have been respected (observe market reaction to highlighted support areas shown in the weekly video).

View latest weekly video updates:
- www.youtube.com/watch?v=A8YSUZjo7hA (Stocks and bonds - latest scans timestamped in comments)
- www.youtube.com/watch?v=QfOIt_7R-3c (Crypto review)

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