Rio Tinto (RIO) was trading 4% higher on Monday morning, after Chinese President Xi Jinping’s speech earlier today at the Boao Forum in Hainan, China.
Xi promised to continue to encourage trade and investment – and also to boost imports such as automobiles.
In response, both the Chinese and U.S. markets traded higher.
Good for Rio Tinto Too!
Looking at the weekly chart for RIO, we see a stock that is making higher highs and higher lows with market cycle. This is a bullish cycle pattern, similar to many in its sector.
As RIO recently began the rising phase of a new market cycle, we expect more upside in the near term future, with a reasonable expectation of testing the last high, near $60, in coming weeks.
Rio Tinto (RIO) Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video, or watch the askSlim Market Week show every Friday on our YouTube channel.
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