It's looking good now but there is still some work to do. A weekly close up here would be very bullish.
The Cup & Handle pattern is also potentially the right side of a multi-year Inverted Head & Shoulders pattern, which is very bullish if it can penetrate the neckline (70-72 area). In the short-term, another small contraction near 70 would be very constructive.
Rio tinto We have an interesting Buy zone at median line extensions of our pitchfork. Good luck !!!
uptrend ...buy after sure closing above tl
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...
Stochastic RSI signaling the ADR is overbought, DM+ at 37.7 nearing trend exhaustion (DM+>40), and a bearish doji star candle formation.
It seems we have a great opportunity for a LONG trade on the breakout of the corrective structure. EMAs show price action has hit the Mayo on the reversal and has also just hit the Water with a wick at the bottom of the candle. In my opinion, on the breakout of the corrective structure, a great setup will have been confirmed to trade the entire Wave 5 Impulse...
This reinforces the AUS200 short trade as miners represent a large % of the XJO You really need to look at the quarterly chart as there is a bearish pin bar, this does not necessarily mean a major sell off - but it does mean a short term pullback is likely and this pattern is in line with the macro time frame picture
After some consolidation the materials sector took a hit of Chinese stockpiles and Trump not repealing Obamacare
RIO (one of my friends ask my view for this stock) After a BAT pattern Price already rally to the previous neck line I expect a correction may happen Pay attention to 29.80 level That will be a good entry level to long TP1: 42.61 TP2: 56.82
Goes against my bulled up metals view but will be looking to short above $61. May the meltdown china induced... writing in the tea leaves?
Wait until Wednesday latest if the price doesn't fall then buy. Using price action $30 shows bullish momentum supply and demand has been outlined. With weekly highs being touched price should lower, then jump up again. For now i would wait. If price does go towards and touches support at $27 mark i would definitely be buying this market
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...