Rio Tinto: Profit Taking Zone

13 December 2022

Technical Analysis: Rio Tinto benefitted from strong iron ore boom, and trades in fairly volatile manner. Since the covid sell off its rallied to fresh highs and have been rangebound, being overbought and oversold multiple times, and see current levels (above $155) as an opportune profit taking opportunity and see downside risk from upcoming recession outweigh positivity setting from China reopen currently.

Technical Analysis: Rio Tinto benefitted from strong iron ore boom, and trades in fairly volatile manner. Since the covid sell off its rallied to fresh highs and have been rangebound, being overbought and oversold multiple times, and see current levels (above $155) as an opportune profit taking opportunity and see downside risk from upcoming recession outweigh positivity setting from China reopen currently.

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