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After Yesterday's Rally of 3.56% Shares Could Potentially Pullback

By James Quinn

Rio Tinto (NYSE:RIO) traded in a range yesterday that spanned from a low of $30.70 to a high of $31.05. Yesterday, the shares gained 3.6%, which took the trading range above the 3-day high of $30.60 on volume of 2.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Rio Tinto have traded between a low of $21.89 and a high of $47.37 and are now at $30.91, which is 41% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.1%.

SmarTrend is tracking the current trend status for Rio Tinto and will alert subscribers who have RIO in their portfolio or watchlist when shares have changed trend direction.

Keywords: rebounders Rio Tinto

Ticker(s): RIO