RIO.ASX in Depth 08/10/2016.

Another visit to RIO.ASX Monthly chart to see what it may be up to ? A violation of the neckline drawn in Dashed Green as a Resistance line is now on hand. At least intra month this is, looking at this monthly RIO.ASX chart. The Inverse Head & Shoulders Pattern would be complete if the end of month close is strong. We must therefore wait for the month of October to be complete, before any conclusion is made on this front. We must also remember that not all the completed patterns succeed. Should the pattern be  successful, it yields a tentative bullish price objective of approx. $70.50. At present RIO.ASX is still within a long term down trending channel, but this Inverse H&S Pattern becomes the most dominant pattern relevant to the current price action behaviour.

Support in the zone of $46.50 becomes a short term support level to watch on any pullback into the pattern. Zone of $55.00 – $56 is the next resistance level on the upside.

RIO.ASX Monthly Chart below as @ week ending with 07/10/2016.

riomonthly08102016

Below is the weekly chart showing various support levels and neckline in dashed Green. OBV at the bottom window is also in sync and in harmony with the price action.

rioweekly08102016

Daily Chart below for fine tunning things.

riodaily08102016

How about PnF  for Tentative Bullish Price Objectives ? All on the chart.

riopnf08102016

Disclaimer

All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

 

 

 

 

 

 

Comments are closed.