XAO Indicator

This blog is intended to be read in conjunction with the XAO Indicator which can be found at http://www.asxindicator.blogspot.com/

I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Thursday, February 10, 2011

RIO share price looking ominous

RIO looks like it is at the end of the 4-month sideways consolidation pattern. My trading system gave a buy signal 2 days ago. That signal often precedes a trendline break giving advance warning of an impending move. RIO gapped above a minor trendline yesterday. My guess is it will charge through the last level of resistance shown on the chart. If it does, the minimum target is $98 with $108 a good prospect and $120 certainly not out of the question.
Click on chart to expand
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)