Our ALGO engine triggered a buy signal for RIO Tinto into the ASX close yesterday at $76.50.
This “higher low” chart pattern is referenced to the intra-day low of $72.30 posted on April 9th.
Despite the announced expansion of their share buyback program, RIO’s share price slid more than 5% last week to hit a 3-month low of $76.15.
We calculate that the stock is currently on a 4.5% yield and will go ex-dividend for US $1.70 on Thursday the 9th of August.
From a technical perspective, we see solid support in the $73.25 area.
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.