RIO Crosses Critical Technical Indicator | Commodities
In trading on Friday, shares of Rio Tinto plc (Symbol: RIO) entered into oversold territory, altering palms as low as $54.13 per share. We outline oversold territory utilizing the Relative Strength Index, or RSI, which is a technical evaluation indicator used to measure momentum on a scale of zero to 100. A stock is taken into account to be oversold if the RSI studying falls beneath 30.
In the case of Rio Tinto plc, the RSI studying has hit 25.8 — by comparability, the universe of metals and mining stocks coated by Metals Channel presently has an average RSI of 38.0, the RSI of Spot Gold is at 8.5, and the RSI of Spot Silver is presently 12.1.
A bullish investor may have a look at RIO’s 25.8 studying as a signal that the current heavy promoting is within the course of of exhausting itself, and start to search for entry level alternatives on the buy facet.
Looking at a chart of one yr efficiency (beneath), RIO’s low level in its 52 week vary is $54.13 per share, with $74.24 because the 52 week high level — that compares with a final trade of $55.35. Rio Tinto plc shares are presently trading down about 5.5% on the day.
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PSF Insider BuyingThe views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
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