Neighbour: Mining for profit with Rio TintoJoe Neighbour
In the mining industry, Rio Tinto Plc. is a diamond in the rough according to Joe Neighbour from Central Markets. As the mining sector slows, Rio Tinto has proven itself to be a profitable asset for investors.
Shares of the multi-national mining company peaked in February above GBP 3,600. Although there has been a recent retracement back to support levels at GBP 3,100, prices are not expected to hold at this level for long.
Joe notes that the stock’s 50 day moving average is currently trading above the 200 day moving average, signaling an upward trend. With large potential gains available on an up-swing, Joe looking to buy the company’s stock at current market prices. He is targeting February’s high of GBP 3,644 over the next couple of weeks.
A stop can be placed at GBP 3,060.
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