Turpan

Rio Tinto - Up or Down ?

LSE:RIO   RIO TINTO PLC ORD 10P
Rio has successfully completed a rising wedge pattern - broke down the support line and now it's slowly going to test it. It seems like very likely the support becomes a new resistance and stock is going to go down.
However, it has also stopped at the 50MA with slightly increased volume , which may signal also a support. Now, it is crucial to watch the lower trend line of the wedge , whether it breaks it back or not and based on that Rio will choose its next journey.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.