Will Rio Tinto (LSE:RIO) hit 7700p?

#FTSE #WallSt

Due to celebrate their 150th birthday next year, Rio Tinto (named after a Spanish river) have much to boast about, when reviewing the history which got them to the present. Active in 35 countries, they’re currently ranked as 2nd largest miner in the world but probably shall always be remembered for destroying a cave in Australia, a prehistoric site containing evidence of 46,000 years of continual human occupation.

Their PR department initially appeared to do a good job, giving the impression is was all a bit of a surprise. A little bit of research revealed Rio Tinto had been given permission 7 years earlier, a decision which had been under review when the company opted to blow it up. From an Australian perspective, the event appears to be on a similar scale, should the UK Govt opt to repurpose Stonehenge as a missile testing site with accommodation for free range illegal immigrants & LibDems too.

 

Prior to the financial crash of 2009, Rio attained a share price high of £72 an impressive number it hasn’t (yet) attained in the years since. Currently pottering around the 5450p level, their share price look like it has a trigger level at just 5510p. In the event the price exceeds this level, ongoing movement to 5892p initially calculates as possible. Should such be exceeded, our secondary works out at 6112p and the potential of a major change for the future.

This is one of these events where closure above 6112p is required to give the price a long term impitus to make a charge at an impressive 7792 and a new all time high.

 

To indicate trouble ahead, Rio Tinto share price requires to dig below Red on the chart below, presently around 4450p as this looks capable of provoking reversal to 3834p with secondary, if broken, at 3700p and hopefully a bounce, a distinct possibility doe to the proximity of each target. Real problems shall make themselves known if any excuse is unearthed for the share price to close a session below £37 as this calculates with the potential of a future excavation down to 2784p.

Given many of Rio Tinto’s extracted products are currently fetching record prices in world markets, we’re inclined to look favourably on the future.

 

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:33:52PM BRENT 93.2
10:35:47PM GOLD 1778.58 Success
10:38:13PM FTSE 7333.62 7311 7281 7237 7357 7368 7378 7400 7338 ‘cess
10:41:28PM STOX50 3882.4
10:44:38PM GERMANY 14260 Success
10:46:39PM US500 3985.9 Shambles
10:52:04PM DOW 33531 33310 33291 33049 33504 33750 33854 34037 33572 ‘cess
10:54:38PM NASDAQ 11853.55 Success
10:57:22PM JAPAN 27985 Shambles

 

15/11/2022 FTSE Closed at 7369 points. Change of -0.22%. Total value traded through LSE was: £ 5,052,481,735 a change of -8.73%
14/11/2022 FTSE Closed at 7385 points. Change of 0.92%. Total value traded through LSE was: £ 5,535,819,308 a change of -22.5%
11/11/2022 FTSE Closed at 7318 points. Change of -0.77%. Total value traded through LSE was: £ 7,142,834,234 a change of 9.63%
10/11/2022 FTSE Closed at 7375 points. Change of 1.08%. Total value traded through LSE was: £ 6,515,510,532 a change of 60.71%
9/11/2022 FTSE Closed at 7296 points. Change of -0.14%. Total value traded through LSE was: £ 4,054,252,272 a change of -13.25%
8/11/2022 FTSE Closed at 7306 points. Change of 0.1%. Total value traded through LSE was: £ 4,673,301,102 a change of -8.96%
7/11/2022 FTSE Closed at 7299 points. Change of -0.48%. Total value traded through LSE was: £ 5,133,479,286 a change of -2.79%

SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.

Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION

Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near term trading targets. Our website is www.trendsandtargets.com.

UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse it true with price drops.

We can be contacted at info@trendsandtargets.com. Spam filters set to maximum so only legit emails get through…

Section One – Outlook Updated Today. Click here for Section Two – Outlook Remains Valid shares

Click Epic to jump to share: LSE:ASC Asos** **LSE:BLOE Block Energy PLC** **LSE:CCL Carnival** **LSE:CEY Centamin** **LSE:EZJ EasyJet** **LSE:HIK Hikma** **LSE:IPF International Personal Finance** **LSE:IQE IQE** **LSE:ITRK Intertek** **LSE:OCDO Ocado Plc** **LSE:SMT Scottish Mortgage Investment Trust** **LSE:VOD Vodafone** **

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Updated charts published on : Asos, Block Energy PLC, Carnival, Centamin, EasyJet, Hikma, International Personal Finance, IQE, Intertek, Ocado Plc, Scottish Mortgage Investment Trust, Vodafone,

LSE:ASC Asos Close Mid-Price: 756 Percentage Change: -4.67% Day High: 804 Day Low: 755.5

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LSE:BLOE Block Energy PLC Close Mid-Price: 1.3 Percentage Change: -13.33% Day High: 1.5 Day Low: 1.25

Target met. Weakness on Block Energy PLC below 1.25 will invariably lead ……..

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LSE:CCL Carnival. Close Mid-Price: 843.8 Percentage Change: + 4.25% Day High: 854.8 Day Low: 804.6

Continued trades against CCL with a mid-price ABOVE 854.8 should improve ……..

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LSE:CEY Centamin Close Mid-Price: 101.5 Percentage Change: -4.25% Day High: 107.65 Day Low: 100.9

Further movement against Centamin ABOVE 107.65 should improve acceleratio ……..

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LSE:EZJ EasyJet Close Mid-Price: 416.7 Percentage Change: -1.02% Day High: 428 Day Low: 407.4

In the event of EasyJet enjoying further trades beyond 428, the share sho ……..

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LSE:HIK Hikma. Close Mid-Price: 1446 Percentage Change: + 1.01% Day High: 1467 Day Low: 1415.5

All Hikma needs are mid-price trades ABOVE 1467 to improve acceleration t ……..

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LSE:IPF International Personal Finance Close Mid-Price: 75.1 Percentage Change: -0.66% Day High: 81 Day Low: 75.2

Continued trades against IPF with a mid-price ABOVE 81 should improve the ……..

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LSE:IQE IQE. Close Mid-Price: 49.1 Percentage Change: + 1.45% Day High: 49.9 Day Low: 47.8

In the event of IQE enjoying further trades beyond 49.9, the share should ……..

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LSE:ITRK Intertek. Close Mid-Price: 4121 Percentage Change: + 0.66% Day High: 4137 Day Low: 4075

All Intertek needs are mid-price trades ABOVE 4137 to improve acceleratio ……..

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LSE:OCDO Ocado Plc Close Mid-Price: 770.2 Percentage Change: -16.79% Day High: 936.2 Day Low: 770.4

Continued trades against OCDO with a mid-price ABOVE 936.2 should improve ……..

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LSE:SMT Scottish Mortgage Investment Trust. Close Mid-Price: 833.8 Percentage Change: + 3.12% Day High: 831.4 Day Low: 807.8

Further movement against Scottish Mortgage Investment Trust ABOVE 831.4 s ……..

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LSE:VOD Vodafone Close Mid-Price: 95.89 Percentage Change: -7.94% Day High: 102 Day Low: 94.61

In the event Vodafone experiences weakness below 94.61 it calculates with ……..

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*** End of “Updated Today” comments on shares.

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