(ASX) RIO: Tinto Limited || March 6, 2024
Master of Elliott Wave Analysis: Shane Hua (CEWA-M)
Regarding the big picture (1D chart), it shows that wave 2-red has ended, and now Rio Tinto is entering a Bull market with wave 3-red. Now is the time for price action to decline further with wave (ii)-purple. And since the high of 136.7, the price action downwards has...
If you can see the chart, It is going to 0.786 ($48), where the first support is to be tested. I believe this should hold for good, If that fails then $44. My thought is that if $48 fails, $44 won't hold strong so it would go straight to $40. Thats a good place to buy a lot.
Rio Tinto
Rio Tinto is a British-Australian multinational mining and metals company headquartered in London, England. It is one of the world's largest mining companies, with operations in over 30 countries. Rio Tinto's primary products are iron ore, copper, aluminium, diamonds, and uranium. The company's market capitalization is approximately $100 billion. Rio...
Rio Tinto – Mining
Market Cap: €1.35 bln
Price: $61.74
6 Month Dividend: $2.24 (c.3.2%) – March 2023 Quote
Dividends recently cut significantly from $4.79 in March 22 (c.5.7%) to $2.24 April 2023 (c.3.2%).
Chart
- Whilst the long term trend is up with higher lows on the large pennant since 1990, we have not made a higher high since May 2008 and this is a...
1. We have two channels: ascending and descending
2. As of now we do not have confirmation
3. Entering the position only based on a confirmation
4. IMHO probability of ascending channel (70%) and descending (30%)
5. DYOR and calculate risks. SL consider yourself.
6. Stay away from entering the position until use see clearly where we are heading to
Let's see if this trendline and the fib retracement supports the price enough. ;) If you have any questions - feel free to use the comment section below. Good trades, folks!
I have had a pretty large position in RIO and BHP since end of July 2022, I bought expecting the market to recover and for copper/iron demand to jump from the re-opening of China and the rest of the world. These positions have given me quite the return with their pretty high yields.
Having said this, we can see that the steam from the market's comeback has...
Patience.
RIO was moving right along and broke up from a wide channel down (top channel line is blue). If price goes back under this blue dashed line, it becomes resistance again so be safe. I am just watching RIO for now until 2 bearish components correct in this chart.
1. Folks appear to have gotten overly excited and a bearish Rising Wedge (RW) has formed.
It...
Uptrend
It's a good breakout and starting for a new trend, I suppose nest target will be at about 6800 and as always put SL at a sure place for new buying position.
a cyclical mining giant, finding it hard to find a long term (5-10 year) negative on RIO.
even if there is deflationary pressures this is so cheap on so many metrics.
- Paid down alot of debt.
- Current div yield of 10.4%
- ROIC long term mean of 13% (+ div of 5ish?) = 18% ROIC
- Current ROIC with inflationary pressures = 26% + 10% div?!
- Trading at a current PE...
Since October 2022 RIO has out performed the SPX rally and appears to be in a developing Elliott wave Impulse pattern.
The December 2022 RSI reading was the highest since the rally began. Usually there's at least one RSI bearish divergence at significant peaks. This implies in the near - term more upside action.
If RIO can move above its top at 73.35, there's...
Another take on $RIO this time following the price action that gold took between 1978 and 2012. Obviously today markets are far more efficient, algorithmic based, real time information, broader markets, etc. So it should take shorter to play out. But still it's quite significant volatility here in price move. If you are faithful, and can stomach potential sharp...
I will look at this chart from a bull and bear bias perspective. In part 1, we see a broken symmetric triangle on the macro (to the upside) that has broken out, retest upper triangle, and nicely forming a channel upwards. Short term we are inside an ascending broadening wedge, which should be bullish. Targeting the top of the intermediate channel trend. Strong...
