Rio Tinto (RIO) Stock Forecast Turns Bearish On Double Top

Steve Miller
rio tinto stock research forecast analysis top peak july 8 investing news

Rio Tinto (NYSE: RIO) Stock Weekly Chart

Amongst the individual stocks that moved significantly last week was mining company Rio Tinto (RIO).

This stock fell 5% on Friday after it was reported that the Chinese government was considering taking action over high iron ore prices.

RIO is correlated with the Base Metals Index ETF (NYSEARCA: DBB), whose market cycles are represented by the dashed blue cycles brackets at the bottom of the chart above. 

We believe that RIO has now completed the rising phase for its current cycle, with this week’s move effectively producing a double top.

As our projections and the cycle brackets show, there is plenty of time left in this cycle to decline into the middle of September.

For more from Slim, or to learn about cycle analysis, check out the askSlim Market Week show every Friday.

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.