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1 year ago

RIO 3 spike lows

 

The Weekly chart of RIO now shows 3 spike lows, this is often a reversal pattern in a down trend. The lower shadow of the weekly candle
gives this a potential bullish outcome. The down trend line is $5.0 away and gives a realistic price target.
With the resource sector  deeply oversold we may see this develop as a key reversal pattern. The other observation worth noting is the $48.76 line
and the continual closing prices at this level shows good price support.

RIO