ASX : RIO Tinto Ltd (RIO)

As we can see from the chart right here , recently we have seen a strong push to the upside with the changing of market structure creating higher high in the market .
price has finally broke the structure and we can expect a retest back to the demand area as i have marked the circle right there ,
few confirmations that we can take , is retest to the 50% fib area , expecting a strong push back up from the demand zone .
stop loss just below the demand zone and target just at the previous high.
Risky to take long position for the current market but really strong fundamental from this second largest metal company and gives a good dividends for long term hold
Mkt cap 162.31B
P/E ratio 6.13
Div yield 9.85%

let me know what do you guys think about this analysis right here .


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