Zak Mir on FTSE100 miners; RIO, BLT, AAL

By Zak Mir.

FTSE 100 Miners:

Rio Tinto (RIO):

• Surprise strength for the big FTSE 100 miners given the weakness in precious metals
• Island bottom and unfilled gap to the upside for Rio Tinto through 200 day moving average
• Extra bullish given gap through falling 200 day line
• Implied target towards 2013 price channel top at 3,600p  – up to 500p for a risk of no more than 100p 

BHP Billiton (BLT):

• Important failed gap filled buy signal above 1,753p floor
• Recent moving averages decline may not follow through on the downside for stock.
• Weakness currently seen as buying opportunity for a return towards post summer 2,000p zone resistance.

Anglo American (AAL):

• Weakest of the “big three” FTSE 100 miners currently.
• Likely attempt at retest of 200 day moving average zone / 1,650p plus
• Stop loss on bull argument at 10 day moving average level of 1,498p.