Rio Tinto weekly chart shows inverse head and shoulder breakout, although subsequent rise has been capped repeatedly around 2550 levels.
On the daily chart, both the RSI and money flow index suggest increasing bearish pressure on prices.
Hence, we could a minor drop to 2390-2350 area.
However, overall view stays bullish unless the weekly close is below...
Hi Everyone, there is a sell setup for RIO -0.89% on the London Exchange.
It is in a corrective ascending triangle which we are waiting for to break down and out of. A high risk entry is available on lower time frames now which could bounce up off the lower trend line but otherwise we will wait for the break and retest of the lower trend line for the sell.
