Zak Mir on FTSE100 miners; RIO, BLT, AAL

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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.

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