What the charts say about RIO

by Michael Gable

RIO has fallen to a support line and then last week completed a bullish harami pattern, or an “inside week” if you are trading bar charts (circled). This is where the body of the most recent candle is wholly contained within the previous dark candle. This reversal signal could indicate the end of the downtrend that started in February this year when we noticed the bearish engulfing pattern that signified the end of the uptrend – the same pattern that occurred in March last year. RIO started the week off badly so we need to ensure that this week’s price action at least stays within the dark candle from two weeks ago for us to remain bullish.


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.
 

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