Rio Tinto Group Stock Forecast

Rio Tinto Group stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on May 14, 2024)

RIO1.DE Signals & Forecast

The Rio Tinto Group stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately 64.82€. On a fall, the stock will find some support from the long-term average at approximately 62.24€. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 10, 2024, and so far it has fallen -0.86%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Rio Tinto Group stock

Rio Tinto Group finds support from accumulated volume at 63.21€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved 1.02€ between high and low, or 1.60%. For the last week the stock has had daily average volatility of 1.24%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RIO1.DE) For The Upcoming Trading Day Of Wednesday 15th

For the upcoming trading day on Wednesday, 15th we expect Rio Tinto Group to open at 64.43€, and during the day (based on 14 day Average True Range), to move between 63.54€ and 65.82€, which gives a possible trading interval of +/-1.14€ (+/-1.77%) up or down from last closing price. If Rio Tinto Group takes out the full calculated possible swing range there will be an estimated 3.53% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at 64.72€ (0.06%) than the support at 63.21€ (2.27%), 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 Group stock A Buy?

Rio Tinto Group holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.035 Sell Candidate Downgraded

Predicted Opening Price for Rio Tinto Group of Wednesday, May 15, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.