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Rio Tinto PLC (Friday’s close: $46.68) traded within a rising parallel channel (dashed lines) and above its rising 40-week Moving Average (40wMA) for more than two years. Last August, the stock fell below its average and below the rising channel to signal a major trend reversal (A).

The stock rallied to resistance near the 40wMA and the falling trend-line (solid line) twice recently where it appeared to have “run out of steam” (B). A decline below ±$45 (dotted line) would signal the resumption of the down-trend.

Only a sustained rise above $53-$54 would reverse the falling trend.

A decline below ±$45 would signal Point & Figure targets of $42 and $38. Lower targets are visible.

Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc.. And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

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Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 7:00pm EDT.

SymbolName% changeLast
RIO-N
Rio Tinto Plc ADR
+0.44%63.74

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