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.
Greg Schnell, CMT, MFTA