RIO.AX closes within prior day's range


Rio Tinto Ltd (RIO.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
RIO.AX closes below its opening price unable to hold early session gains
RIO.AX unable to break through key resistance level
RIO.AX closes lower for the 3rd day in a row
RIO.AX falls to lowest close since July 6th
RIO.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 25% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, RIO.AX ended the week 0.1% higher at 79.84 after edging lower A$0.11 (-0.14%) today. Today's closing price of 79.84 marks the lowest close since July 6th. Trading A$0.59 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RIO.AX
Volatility

Friday's trading range was A$1.36 (1.7%), that's slightly above last trading month's daily average range of A$1.19. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 78.96. Unable to break through the key technical resistance level at 80.50, the stock closed below it after spiking as high as 80.79 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Selling could speed up should prices move below the nearby swing low at 78.92 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Rio Tinto Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Hammer TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
5 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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