The stock of Rio Tinto Limited (ASX:RIO) gapped down by $0.79 today and has $55.44 target or 4.00% below today’s $57.75 share price. The 7 months technical chart setup indicates high risk for the $92.46 billion company. The gap down was reported on Nov, 30 by Barchart.com. If the $55.44 price target is reached, the company will be worth $3.70B less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 4.37% or $2.64 on November 30, hitting $57.75. About 4.75 million shares traded hands or 82.69% up from the average. Rio Tinto Limited (ASX:RIO) has risen 20.69% since May 4, 2016 and is uptrending. It has outperformed by 15.46% the S&P500.
More notable recent Rio Tinto Limited (ASX:RIO) news were published by: Fool.com.Au which released: “Is Rio Tinto Limited a buy at this share price?” on November 24, 2016, also Fool.com.Au with their article: “2 big reasons to buy Rio Tinto Limited shares today” published on July 07, 2016, Fool.com.Au published: “Why you should avoid Rio Tinto Limited shares” on August 18, 2016. More interesting news about Rio Tinto Limited (ASX:RIO) were released by: Fool.com.Au and their article: “Why now could be the wrong time to buy Rio Tinto Limited shares” published on September 18, 2016 as well as Fool.com.Au‘s news article titled: “Will Rio Tinto Limited’s share price ever reach $70 again?” with publication date: October 05, 2016.
Rio Tinto Limited is a mining company. The company has a market cap of $92.46 billion. The Firm is focused on finding, mining and processing of mineral resources. It has a 5337.34 P/E ratio. The Company’s operating divisions include Iron Ore, Aluminum, Copper & Coal, Diamonds & Minerals, and Other Operations.
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