RIO.AX pushes through previous session high


Rio Tinto Ltd (RIO.AX) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
RIO.AX rallies 2.44% closing A$2.07 higher
RIO.AX closes higher for the 2nd day in a row
RIO.AX pushes through previous session high
RIO.AX rises to highest close since April 12, 2011
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, RIO.AX finished Thursday at 86.75 surging A$2.07 (2.44%). This is the biggest single day gain in over four weeks. Today's closing price of 86.75 marks the highest close since April 12, 2011. Closing above Wednesday's high at 84.90, the stock confirms its breakout through the previous session's high having traded A$2.19 above it intraday.

Daily chart for RIO.AX
Volatility

Thursday's trading range was A$1.09 (1.27%), that's slightly above last trading month's daily average range of A$1.06. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.

Trend

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

Conclusion

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

Market Conditions for Rio Tinto Ltd
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
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