A selling opportunity with RIO

by Michael Gable

On a daily chart, it appears as though RIO has broken a head and shoulders pattern. That takes us to about $62 if we extrapolate out a target. Alternatively, if we view RIO as now pulling back in 3 waves from its high on 12 August, where the "c" leg is 1.6 times the size of the "a" leg, then that also takes us to about $62. 

So $62 appears to be a good short term support level for the share price of RIO.

Disclaimer

Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.