RIO 2.01% $125.43 rio tinto limited

short term

  1. 426 Posts.
    Following on from the other mis-leading topic under "BHP - rio short term", it would seem more useful to have this under RIO.

    It shouldn't matter too much about the RIO bounce this morning, after the opening drop. That is a standard stocks move anyway. They should go back down again anyway. $29-30 area at least.
    You need an Intra-day chart to see their shape fill-in, and watch for the levelling through the $29-40 to 30 sort of area.
    There is even room for the levelling to be through very low $29's, so watching through the day will show what really comes.

    For a short term play, in RIOWOC, the best way would most likely prove to be a half to 2/3 buy along that levelling (whatever price that is), then throw in the rest on any handy dip from 2-00pm onwards. A dip at some stage is reasonably likely (5c to 10c lower than levelling. 20c?). And if none comes then just add at whatever price they are at before end of day.

    There is still a small window for one more days fall, but I don't think so. And in RIO it is hard to get better accuracy than within about 30c really.

    We are looking for about $1-00 Retrace within days out of the low.
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