Rio Tinto – Gaps lower, re-enters expanding channel

Shares opened lower today and are now trading at least 5% lower on the day around 2555 levels.

Retreat from 2800 (Oct 11 high) followed by a drop to 2550 levels adds credence to the bearish price RSI divergence on the daily chart . However, a 250 point point drop could lead to short-term loss of momentum and thus yield sideways action before further losses materialize.

The immediate support at 2487 ( Apr 21) is likely to be put to test.

On the higher side, only a daily close above 2623 would suggest bearish invalidation.
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