Rio Tinto forms a consolidation channel

Rio Tinto, the giant metals miner, announced that CEO Jean-Sebastien Jacques will step down from his role on March 31 or when his successor is appointed, whichever is earlier

Uptrend 2

Rio Tinto, the giant metals miner, announced that CEO Jean-Sebastien Jacques will step down from his role on March 31 or when his successor is appointed, whichever is earlier. The company said "significant stakeholders have expressed concerns about executive accountability for the failings identified", as a result of the destruction of the Australian heritage site Juukan rockshelters in May 2020.

From a chartist’s point of view, the stock price has entered into a consolidation move within a downward-sloping channel. The daily Relative Strength Index (RSI, 14) has landed on its support at 40% and is reversing up. A breakout confirmation of the channel upper boundary would open a path to see 5039p. Prices need to stand above 4392p to maintain the bullish bias. A break below 4932 would call for a reversal down trend with 4212p and 3920p as bearish targets.

Source: GAIN Capital, TradingView


More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.