Stars are aligning for RIO | Michael Gable | Finance News Network

Stars are aligning for RIO

by Michael Gable

RIO has come right down to key support. I have also noticed that while yesterday's move has taken out March's low, the RSI has been increasing slightly. This is a good probabilty set-up for traders to now go long RIO. As long as we don't get any nasty surprises from today/tomorrow's Chinese data, we should expect a move back up towards $66.

I would place a stop under yesterday's low. Long term investors picking up stock may consider selling put options here instead as an alternate strategy.

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