Well here we are back down to the lower trend line at 3200 having fallen 3.34% in the day, almost the same as the NMX1770 at 3.68%. With possible good news from OT to come under normal circumstances I would be looking to go overweight but I am concerned about the Ukrainian situation. Putin looks to have got the Crimea. The question is will he stop there?
This Oyu Tolgoi mine in Mongolia doesn't seem to get any coverage on the boards here. I mentioned TRQ before, which is where my interests lie but this is a remakable resource which if it goes for $8 a share with government on board will be extremely cheap for RIO. RIO have warrants to buy TRQ stock at $12 odd and fully participated in the recent rights issue. http://www.dailymail.co.uk/money/markets/article-2575122/MARKET-REPORT-Rio-Tinto-mulls-Canada-venture.html http://www.mining-technology.com/news/newsrio-tinto-mongolia-government-to-strike-deal-over-66bn-oyu-tolgoi-mine-development-4190582
dry index news.http://marketrealist.com/2014/03/dry-bulk-opportunity-baltic-dry-index-might-bottomed/
RE: Miningman: evidence? Wish or fa..
Madrugada. Read my post carefully. I am not saying RIO will fall to 2700 only that any fall below 3200 would break the trend that set in in July 2003. RIO may well continue with its current pattern and bounce up from 3200 back to the upper trend line which is probably now around 3700. Note also that RIO only paid 65p yet still managed to fall 112p on the day. Again a typical RIO reaction. With that kind of volatility the dividend is almost irrelevant. Good night all.
Miningman: evidence? Wish or fact?
Miningman: I don't think so. Rio is in a stronger position regarding production. Last year sentiment was poor. Miners unwanted . Look at the share price of Glenxstrata. Remember how it fell like a stone? Glen came out with good figures yesterday and it's share price has been resilient. Both companies pay a decent dividend now. I am surprised that Rio hasn't held 350. Today it went ex div, but I expect it will return to that level by the end of March.
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