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RIO - Rio Tinto

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Please read my post on BHP before this one.

RIO is clearly more correlated to the XAO index than BHP. It's also more bullish as the last swing up lasted a little longer than the BHP one. Although it's more bullish, RIO is also showing that it'S relatively weaker than the index atm.

 
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

March 2024 - Following on from the February update for Rio Tinto (RIO) at the end of last month, the trade of iron ore has not been kind over February and March at all... Likewise, this has not reflected too kindly for RIO either... There was SOME reprieve for RIO shareholders in the form of a dividend payment on 7th March to the value of $2.575 per share, but fairly meaningless for shareholders when staring down losses of greater than $10 per share since the beginning of the year.

Is there a glimmer of hope in the movement of the shareprice for RIO faithful? Perhaps... Higher lows are forming on the chart since the most recent low on 11th March, which is forming the basis of support. Observe the market reaction to these, as well as the rising 10 day moving average and momentum indicators, as shown below.

 
I haven't been happy with RIO in my SMSF recently but Australian brokers are now gulling their clients in to it. I will hold a reasonably large part of my SMSF.

From the AFR today.



gg
 
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

April 2024 - Following on from the March update for Rio Tinto (RIO) at the end of last month, a rebound off a prior support level ($119.63) was observed during the month of April and the share price hasn't looked back since. In addition to this, the share price also launched off the other pre-existing support/resistance area of $126.57 towards the mid/end of April and now looks set to tackle the resistance level of $132.50 established from the open of 29th January, looking set to finish the month closing above both 10 and 30 day moving averages.

 
there have been 3 incidents / derailments / crashes involving loaded driverless RIO trains in the Pilbara, this year.

Witness statements are proving difficult to obtain.
 
Dona Ferentes said:
there have been 3 incidents / derailments / crashes involving loaded driverless RIO trains in the Pilbara, this year.

Witness statements are proving difficult to obtain.
Click to expand...
CORRECTION: It is the third incident of its type in 11 months,

Rio Tinto (ASX:RIO) has suffered a major incident with one of its autonomous iron ore trains in the Pilbara overnight Monday.

Media reports say a train smashed into a set of stationary wagons about 80 kilometres from Karratha in WA's Pilbara region early Tuesday morning.

Rio told media inquirers that no one was injured in the incident, but three locomotives and 22 wagons were impacted.

“We have notified the appropriate regulators and commenced an investigation,” a spokesman said. “Work will soon begin to clear the rail line.”

There was no immediate word on whether the track had been damaged and needs repairing or if there would be any delay to Rio’s iron ore exports, which this year will run at a rate of more than 900,000 tonnes a day, worth more than $US100 million.

The train was carrying iron ore when it collided with the stationary wagons, though the size of the load is not known, though each of Rio’s wagons (it has around 14,000) can carry up to 118 tonnes each.

The collision reportedly happened just after midnight on Monday. It is the third since June 2023.

In February, one of its autonomous trains derailed about 120 km from Dampier port, damaging 38 wagons.

And in June last year, a similar incident occurred with an autonomous Rio Tinto train when as many as 30 wagons left the tracks about 20 km from Dampier
 

@peter2, Alex Spiroglou’s MACD-V indicator suggests that RIO is a strong buy on Monday, the 20th of May, 2024. Interestingly, my traditional MACD indicator flagged RIO as a buy much earlier, on the 29th of April, 2024. It’s fascinating to see the indicators and signals converge, reinforcing that RIO stands out as a promising candidate for trading and investment considerations.



Skate.
 
Thanks @Skate . I agree that RIO is looking likely to go higher in both the short term and medium term. Of course if they put a bid in for Anglo (rumours) that'll devalue the shorter term potential.

The weekly chart looks bullish as the recent 2024 pull-back stopped in the 50-62% PB buy zone. Traders using daily charts could have been prepared for the bounce off the post div swing low ($115). My daily trend went blue (up) after he first close above $120. Currently price is in a small range ($133 - $127). A break-out >$133 would start the next swing higher and probably reach the yearly high near $137. After this, RIO will need ongoing commodity price rises (weak USD) to rise further.

 
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

May 2024 - Following on from the April update for Rio Tinto (RIO) at the end of last month, the share price continued to tackle the prior resistance level of $132.50 established from the open of 29th January and managed to gap through to the upside on 20th May before settling back towards the prior support level at the end of the trading month. Of interest to long-term shareholders is that this also means that the shareprice is now trading below both the 10 and 30 day moving averages, with the 10 day moving average now curling downwards, which could pose weakness for the stock and place pressure on the support level. Watch and observe how the market reacts to this support level and look for a test of the prior support level should the support level of $126.57 not hold.

 
peter2 said:
Thanks @Skate . I agree that RIO is looking likely to go higher in both the short term and medium term.
Click to expand...

@IvoryWolf, today, I have made a strategic investment in Rio Tinto (RIO) to enhance the diversification of my portfolio. RIO complements my existing positions in BHP and FMG, providing exposure to the resource sector that aligns with my long-term investment philosophy.

Rio Tinto's market-leading presence and diversified operations across commodities like iron ore, aluminium, and copper resonate with my outlook. While the mining industry can be cyclical, RIO's positioning in growing markets, such as supporting China's infrastructure development and the global transition to renewable energy, presents compelling opportunities for capital appreciation.

By adding RIO to my holdings, I aim to capitalise on its strong fundamentals and strategic positioning within the evolving resource landscape. This acquisition is a calculated decision to further diversify my investments and position my portfolio for long-term growth.




Skate.
 
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

June 2024 - Following on from the May update for Rio Tinto (RIO) at the end of last month, the pressure of the declining 10 and 30 day moving averages proved too much for the share price as previously discussed and the support level of $126.57 did not hold, which resulted in a test of the prior support level (i.e.: $119.63), which is fairly much exactly where the share price finds itself at the end of the month right now, closing at $119.00 even.

It now appears that the share price is attempting to discover a support level - short term support might be in play from 18th June ($118.22), but requires confirmation alongside the prior support level of $119.63. Should this fail, the next support level to test would be $116.66 from 15th March.

 
there are reports from the big end of town(s) that RIO should do a BHP and clean up its listings. RIO plc in London is trading at a 20 per cent discount to the ASX listed Rio entity.
 
Rio Tinto’s Potential Takeover
In the wake of BHP’s unsuccessful bid for Anglo American, Rio Tinto is eyeing major acquisitions, with Teck Resources in its sights. Teck Resources, specialising in copper and other critical metals for the energy transition, presents a lucrative opportunity. However, any foreign bid for Teck would likely face intense scrutiny from the Canadian government. While Rio Tinto has crafted detailed proposals, it remains undecided on making a formal approach to Teck Resources.

Skate.
 
RIO News Snippits from TradingView just in 8.35am 16/7/24....
 
Summary of Rio Tinto 30-page Q2 Production Report
In RIO's last production report, it was (a) Steady Progress, and (b) Focus on Sustainability

1. Overall production is improving, with notable increases in bauxite (10%) and copper (18%) output.
1. Iron ore shipments were up 3% quarter-over-quarter, but production was slightly lower due to a train collision.
2. The company is prioritizing safety, with a decrease in the all injury frequency rate.
3. Significant strides are being made in decarbonisation, such as installing carbon-free aluminium smelting cells and investing in low-carbon ironmaking.
4. Future growth projects like the Simandou iron ore and Oyu Tolgoi underground mines are advancing.
5. While there are some challenges, such as a 22% decrease in titanium dioxide slag production, the report demonstrates Rio Tinto's focus on sustainable practices and long-term stability.

The overall takeaway is that Rio Tinto is making steady progress, with a particular emphasis on materials needed for the energy transition, while also prioritising safety and decarbonisation efforts.

Skate.
 
***** MONTHLY UPDATE FOR FULL CALENDAR YEAR 2024 STOCK TIPPING COMPETITION - @debtfree *****

July 2024 - Following on from the June update for Rio Tinto (RIO) at the end of last month, the search for support with Rio Tinto (RIO)'s share price continued as the support level of $119.63 was broken and the next support level of $116.66 from 15th March was also breached. At the time of writing (beginning of trade on 29th July, the share price had closed on Friday just shy of $116 at $115.91, so a test of the $116.66 support level is currently in play, especially in consideration of continuing iron ore weakness.

In the short-term, watch for a potential breakout or breakdown from the recent channel that has formed in share price between $112.81 (low of 25th July) and $118.00 (the open of 16th July).


 
With a Sea of Red, what's a chance of RIO update on a potential breakout or breakdown from the recent channel that has formed in share price between $112.81 (low of 25th July) and $118.00 (the open of 16th July).
 
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