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.


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.

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