Rio Tinto: Poised For Upside

Technicals | Nov 29 2022

By Michael Gable 

US markets were lower overnight as the S&P500 Index came within a percent of its 200-day moving average. Naturally, one would expect a bit of selling at a key level such as this after the nice run that we've had. As long as it stays above the 3900 area, then we wouldn't have much to be concerned about.

Locally, we have had resource stocks come under some pressure due to China's covid policy, but news like this can switch around pretty quickly. If it looks like CPI and the US dollar have peaked, then this would be favourable to resource stocks.

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