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Technical analysis

Rio Tinto Group is an Anglo-Australian multinational and the second largest mining and metals company in the world, behind BHP, which produces iron ore, copper, diamonds, gold and uranium

The recent sell off has brought Rio Tinto to the price levels from the end of 2020. We believe that the stock is approaching a strong support area that could act as an entry point for a long to medium term position.

  • #RIO has recently broken the "bear flag" respecting the bearish trend of the last period.

  • the stock is very far from the 50MA and according to previous fluctuations #RIO always tends to rejoin it.

  • Positive divergence between RSI and price: RSI increasing while the price is continuing to lose ground. A favourable divergence to bullish reversals in the short term.

  • MACD increasing despite a decreasing price. The slight loss of momentum in the MACD could favor a further drop to the support area

The stock is gradually reaching the strong support area at $ 65.00 - $ 67.00 with a divergence between the RSI / MACD indicators and price.

We believe this divergence will result in an upward reversal once the entry range is reached.

Entry range $69.00 - $65.00

Target 1 $ 78.00

Target 2 $ 86.00

Stop loss $ 60.00

OTB Global Investments

17 September 2021

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