Rio Tinto Expects Delays At Oyu Tolgo

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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

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