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Rio Tinto (
RIO) is an international mining group that engaged on finding, mining and processing the Earth's mineral resources. This stock closed up 5% at $49.81 in Friday's trading session.
Friday's Volume: 9.24 million
Three-Month Average Volume: 3.65 million
Volume % Change: 169%
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From a technical perspective, RIO ripped higher here back above its 200-day moving average of $48.56 with heavy upside volume. This move also pushed shares of RIO into breakout territory, since the stock took out some past overhead resistance levels at $48.82 to $49.
Traders should now look for long-biased trades in RIO as long as it's trending above its 200-day at $48.56 or above Friday's low of $48.31 and then once it sustains a move or close above Friday's high of $50.35 with volume that hits near or above 3.65 million shares. If we get that move soon, then RIO will set up to re-test or possibly take out its next major overhead resistance levels at $52.45 to $57.83.
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