RIO.L finds support at 100-day moving average


Rio Tinto Group (RIO.L) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
RIO.L finds buyers around 3992.00 for the third day in a row
RIO.L finds buyers at key support level
RIO.L finds support at 100-day moving average
RIO.L stuck within tight trading range
RIO.L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 37% Bullish
Technical Forecast:
Overview

RIO.L ended the week -0.77% lower at 4039.50 after gaining £21.00 (0.52%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RIO.L
Volatility

Friday's trading range was £73.00 (1.8%), that's below last trading month's daily average range of £90.22. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 3980.00 and 4082.00 which it has been in now for the last three days.

Support/Resistance

After trading as low as 3992.00 during the day, the market bounced off the key support level at 4011.00. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 4098.50. The stock found buyers again today around 3992.00 for the third trading day in a row after having found demand at 3980.00 in the prior session and at 3987.00 two days ago. After trading as low as 3992.00 during the day, the share found support at the 100-day moving average at 3999.06.

Trend

Rio Tinto shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling could speed up should prices move below the close-by swing low at 3980.00 where further sell stops might get triggered. Trading close to May's low at 3905.50 we could see further downside momentum if potential sell stops at the level get activated.

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 Group
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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