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 [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 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
ConditionForecastDirectionWinAvgWorstBestEvents
RSI(2) above 80 TQ Pro Members Only
Bullish Break through SMA 100 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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