- The RIO stock price is consolidating a range after a bearish market.
- The price has gained 0.84% since the last trading session.
Rio Tinto (LSE: RIO) is a mineral and ore mining company that was founded in 1873. The company extracts natural mineral resources. This firm operates through various segments: iron ore, aluminum, copper, and minerals.
Rio Tinto H1 Financial Report
According to the H1 financial report released on June 30, 2023, Rio Tinto’s performance has declined compared to its H1 2022 report.
The company’s revenue, gross profit, net income, and EBITDA have been reported less than the previous H1 2022 report. Rio Tinto’s free cash flow has also reduced. However, the firm’s debt ratio remains the same compared to the previous H1 2022 report.
Essentially, the H1 2023 report has reported fewer earnings than the H1 2022 report. It indicates that the company’s performance has struggled to do well in its reports.
Rio Tinto (RIO) Stock: Technical Analysis
The RIO price is trading at 5183 GBX at press time, with a market capitalization of 87.182 Million GBP. The company stock has been trading with a 10-day trading volume of 3.775 Million GBP. This firm’s stock price has risen by 7.77% in the last 10 days.
Technical Analysis On 1 Day Time frame
In a wider outlook of the chart, the price has fallen since the start of 2023 with the resistance of the trendline. After that, it started to consolidate in a range, giving rise to the breakout of the trendline.
The Rio stock price has been consolidating in a range of 5359 GBX to 4754.5 GBX. It tried to breach the 4754 GBX support but faced an immediate rejection and reclaimed the 4754.5 GBX.
The RIO stock price later started a bullish rally with higher highs formation. Currently, the price is facing rejection at 5359 GBX. As long as the stock price is trading above 5087 GGBX. It has a chance to breakout the 5359 resistance and could reach the 5615 GBX level. However, if the price closes below 5087 GBX it can again fall to its 4754.5 GBX support.
Technical Indicators on the Current Trend
The RIO price is trading above the 50-day and 100-day EMA at press time. It shows that the buyers are active and are controlling the price right now. As long as the price is trading above the 50-day and 100-day EMA lines, the buyers will be in control. If the price closes below both EMA lines, sellers would influence the price.
The relative strength index is at 59.18 and has started to slop in the upward direction. The RSI is in bullish sentiment and its line is trending to the upside. That indicates more room for buyers to push the price.
Conclusion
The RIO Tinto price is bullish at this point. The price is currently trading in a wider range of 5359 GBX to 4754.5 GBX. A breakout of this range will determine the future trend of the RIO stock price. The indicators mentioned above are currently pointing toward the bull market.
Technical levels
Resistance levels: 5359 GBX and 5615 GBX.
Support levels: 5087 GBX and 4754.5 GBX.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading in the stock market comes with a risk of financial loss.