RIO.AX closes within prior day's range

Rio Tinto Ltd (RIO.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team


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


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 Candlestick Chart (RIO.AX as at Jul 13, 2018):

Daily technical analysis candlestick chart for Rio Tinto Ltd (RIO.AX) as at Jul 13, 2018

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.

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.

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

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

Market Conditions for RIO.AX as at Jul 13, 2018

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