RIO.AX closes below its opening price unable to hold early session gains

Rio Tinto Ltd (RIO.AX) Technical Analysis Report for Apr 17, 2018

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 finds buyers again around 77.43
RIO.AX closes within previous day's range
RIO.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

RIO.AX finished Tuesday at 77.96 losing A$0.25 (-0.32%). Trading A$0.84 higher after the open, Rio Tinto 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 past 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

Tuesday's trading range was A$1.87 (2.38%), that's far above last trading month's daily average range of A$1.17. Weekly volatility is also higher, being way above the markets average with the monthly volatility being above average.

Support/Resistance

Prices are trading close to a key support level at 77.13. Unable to break through the key technical resistance level at 78.64, the market closed below it after spiking as high as 79.30 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 77.40 in the previous session, the stock found buyers again around the same price level today at 77.43.

Trend

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

Order Flow

With prices trading close to this year's high at 79.40, upside momentum could accelerate should the share be able to break out to new highs for the year.

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

Condition Forecast Direction Win Rate Exit Day Events
Close near high of period TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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