Rio Tinto (RIO.L) 23-03-20
Rio Tinto (RIO.L): will it break the 2968p key support level, or bounce to highs of 4677p (+55%)?
- Currently trading around the 2968p support. The current price is 3001p (at time of writing).
- Support levels like these are often used by traders to assist with decision making.
- Strong support levels often suggest that there may be ‘hot money’ looking to buy at the key level. Of course, valuations can change.
- Will the share price rally again to recent highs of 4677p? (+55%).
- Shares -39% from 12-month highs; +1% from 12 month lows.
20 Mar: JP Morgan Cazenove reiterates its neutral rating on Rio Tinto (RIO) and increased the target price to 4860p (from 4710p).
20 Mar: Deutsche Bank reiterates its hold rating on Rio Tinto (RIO) and reduced the target price to 3900p (from 4400p).
19 Mar: Jefferies International reiterates its buy rating on Rio Tinto (RIO) and reduced the target price to 4400p (from 4700p).
16 Mar: Rio Tinto announced that the construction of the Oyu Tolgoi copper mine in Mongolia has been restricted due to measures imposed by the authorities to control the spread of Covid-19.
10 Mar: Jakob Stausholm, Executive Director, bought 15,000 shares within the firm on the 9th March 2020 at a price of 3324.50p. This Director currently has 30,084 shares.
05 Mar: JP Morgan Cazenove reiterates its neutral rating on Rio Tinto (RIO) and reduced the target price to 4710p (from 4830p).
Source: Bloomberg, Reuters, Alpha Terminal, FT, DJ Newswires