RIO Tinto

Follow up chart 9/9

Partial profit taken today...closed 1/3rd.
SL moved to below low of yesterday ( 2694 )



This gapped up at the open today, broke the downtrend resistance (red line), Short term resistance (black line) and also made a 123 low breakout.

2/3rd position still open and trade on going.

I have order to open long position @ 2745 (gap @ 2737)

Support on weekly chart


Morning Star today at the support on daily


Long @ 2720
SL below 2605

A close above 2775 will give a 123 low breakout

This had broken out today above the 123 low. If this finishes above 3069 then higher prices may follow.This also currently has broken out of the RSI trend line.
This is from the interesting chart section

Hi Waverider -

i'd look at two key potential area's for now:

3340 & the gap (on daily)from your breakout point of the diamond....3164 (-+10)
there another that come's in between that @ 3235/40 area

also note the large triangle on this & neckline of failed h&s

dl.dropbox.com/u/40497882/rio_weekly.JPG

regards,
WS

Please can someone validate Rio's immediate supports?

I see this as a beautiful diamond pattern already played out and now I am just waiting to pounce. Still some way to go before i can be enticed but its good to know where....

dl.dropbox.com/u/4385922/rio_0103.png