The Big Boys, page-453

Hi vindin,

I don't see anything remotely bullish on the RIO chart. All I see is strong downside momentum. After some consolidation during mid-December, the late month rally had taken out the weak hands up to $46.20's before resuming new lows finding support at about the 76.4Fib retracement level.

It may have a relief rally over the next few days or weeks with the market in general as its s-stochastic moves out from the oversold - however with no bullish divergence, and MACD crosses deep within the oversold - usually associated with a weak bullish signal. The price may rally st through resistance at $40.70's and then at $43.80 - $44.00 however I doubt it would reach much past the latter as momentum is still strong to the downside.

IMHO the probability for this stock to reach new lows over the next few weeks is high.