Rio Tinto Stock Forecast
Rio Tinto stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Rio Tinto stock price gained 2.25% on the last trading day (Wednesday, 24th Apr 2024), rising from $66.64 to $68.14. During the last trading day the stock fluctuated 1.38% from a day low at $67.42 to a day high of $68.35. The price has been going up and down for this period, and there has been a 2.45% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 621 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $212.53 million.
Given the current short-term trend, the stock is expected to fall -5.16% during the next 3 months and, with a 90% probability hold a price between $57.04 and $64.62 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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RIO Signals & Forecast
Mostly positive signals in the chart today. The Rio Tinto stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $66.87 and $64.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 11, 2024, and so far it has risen 9.90%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Rio Tinto stock
Rio Tinto finds support from accumulated volume at $65.69 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.93 (1.38%) between high and low. For the last week, the stock has had daily average volatility of 1.56%.
Our recommended stop-loss: $65.70 (-3.58%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (RIO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Rio Tinto Plc to open at $67.97, and during the day (based on 14 day Average True Range), to move between $66.67 and $69.61, which gives a possible trading interval of +/-$1.47 (+/-2.15%) up or down from last closing price. If Rio Tinto Plc takes out the full calculated possible swing range there will be an estimated 4.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $69.12 (1.44%) than the support at $65.69 (3.60%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Rio Tinto Plc stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.758 Buy Candidate Upgraded
Predicted Opening Price for Rio Tinto Plc of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $67.97 ( 0.249%) | $68.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RIO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 68.90 | 1.12 % | |
| R2 | 68.54 | 0.594 % | ||
| R1 | 68.33 | 0.272 % | ||
| Current price: | 68.14 | |||
| Support | S1 | 67.61 | -0.771 % | |
| S2 | 67.40 | -1.09 % | ||
| S3 | 67.04 | -1.61 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 70.20 | 3.02 % | |
| R2 | 70.10 | 2.88 % | ||
| R1 | 69.12 | 1.44 % | ||
| Current price | 68.14 | |||
| Support | S1 | 65.69 | -3.60% | |
| S2 | 64.60 | -5.20% | ||
| S3 | 63.00 | -7.54% |
RIO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 07, 2024 | Apr 18, 2024 | $2.58 | 3.86% |
| 2 | Jul 26, 2023 | Aug 10, 2023 | Sep 21, 2023 | $1.77 | 2.78% |
| 3 | Feb 27, 2023 | Mar 09, 2023 | Apr 20, 2023 | $2.25 | 3.34% |
| 4 | Jul 28, 2022 | Aug 11, 2022 | Sep 22, 2022 | $2.67 | 4.82% |
| 5 | Feb 23, 2022 | Mar 10, 2022 | Apr 21, 2022 | $4.79 | 6.40% |
FAQ
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