Compliments www.chartchat.com.au
RIO has cleared its descending trendline and retraced 61.8% Fibonacci back onto its 200 DMA support cluster. After a small rally off this support level RIO has pulled back to give us a good potential entry point of $76.26 to go long.
Given that its stable mate BHP is still looking quite weak a change in sentiment for large mining stocks should see RIO perform very well with an initial target set at $89.50 - $94.30.
