Don't Ignore This Chart

When Miners Dig Their Way Higher

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The global miners have been rolling pretty well lately. They also rolled over with the general market. Rio Tinto rolled over 15% and has come bouncing back, trying to take out the previous highs today. This is an important bounce. First the stock broke out in late December above $50 to $57. It fell back to test support. This pullback is considered the test of the support level ($50) and it held. The bounce is important after holding above the 6 month long resistance.

As long as $50 holds, this is a great support level. 

Good trading,
Greg Schnell, CMT, MFTA

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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