ALGO Buy Signal In Rio Tinto

Our ALGO engine triggered a buy signal for RIO into the ASX close yesterday at $72.70.

The “higher low” structure is referenced to the $68.60 low posted on August 12th.

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Analysts have retained their buy  rating and $90.00 price target on the mining giant’s shares after it announced the sale of its stake in the Kestrel coal mine for US$2.25 billion.

RIO was added to our ASX top 100 Model portfolio last March at $61.40.

RIO Tinto

 

Author: Todd

Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.