Rio Tinto Expects Delays At Oyu Tolgo

An office of traders with multiple trading screens
Rio Tinto, the giant metals miner, confirmed that the expansion of its Oyu Tolgoi copper mine in Mongolia may cost 1.3 - 1.8 billion dollars more than the original forecast of 5.3 billion dollars, and might face a delay of 21 - 29 months.

From a chartist’s point of view, Rio Tinto is currently consolidating recent gains within a wedge pattern and faces a significant hurdle near 4700p. Bollinger bands narrow range indicates a lack of momentum. The daily RSI reversed down from its overbought area at 70% and remains within a downward-sloping channel. Investors have to remain cautious as it may difficult for the stock price to break above the resistance at 4700p at the first attempt. A clear breakout of 4700p would open a path to see 5039p. Alternatively, a push below 4392p would call for a reversal down trend with 3920 as bearish target. 

Source: GAIN Capital, TradingView

Related tags: Equities

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar