Bullish potential detected for RIO

Entry conditions:
(i) higher share price for along with swing up of indicators such as DMI/RSI.

Depending on risk tolerance, the stop loss for the trade would be:
(i) below the recent swing low of 14th May (i.e. $118.63), or
(ii) a close below the 200 day moving average (currently $116.88), or
(iii) a close below the 50 day moving average (currently $115.66).

Trade active

UPDATE (week ending 16-May): Trade activated on 14th May with further opportunity to enter the trade the following day (15th May) as the share price respected the former support/resistance line from April 2023 (i.e.: $119.63).

Note

UPDATE (week ending 23-May): A fairly ordinary week of trading for RIO this week, with the share price action respecting the former support/resistance line from April 2023 (i.e.: $119.63) to the downside. The share price ended up the week testing the 200 day MA (i.e.: $116.89), closing at exactly $117.00.

Trade closed: stop reached

UPDATE (week ending 30-May): Another ordinary week of trading for RIO this week saw the share price plunging right through all of the prescribed stop losses in the trade set up listed above. These stops would've prevented potential of further trade losses by the end of the week as lower lows were formed on the daily chart - recommend avoid for now until a new signal establishes itself at some stage in the future (whenever that may be).

Ivory_Wolf

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Ivory_Wolf

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