Rio Tinto (Chart 1): 11 June 2014, Wednesday, 3.05pm Singapore Time
Attached are the Rio Tinto (NYSE: RIO) Weekly Charts.
<< WARNING: Failure To Rebound on MAXIMUM +10.000 FFA >>
+ Maximum +10.000 FFA in the big wind/broad market is completing and U-turning, and this had been the best performance that this stock can offer (to be suppressed within a sideway/rounding top consolidation).
+ Resumption in sell-off will now proceed to do further damage.
+ Financial markets are transiting to bear markets as per warned beforehand in Daily Funds Flow Analyses.
Corrective wave is ending for resumption of the Major Down Wave.
Rio Tinto (Chart 2): 11 June 2014, Wednesday, 3.05pm Singapore Time
Chart 2 of Rio Tinto shows lack of buying interest as well as the rounding top that is being formed. The market for Rio Tinto failed to capitalise on +10.000 FFA to rally. This shows an abnormal behaviour, suggesting that the stock had been accumulated for shorts by the smart monies and big hands. This is very bearish in nature.
Rio Tinto (Chart 3): 11 June 2014, Wednesday, 3.05pm Singapore Time
Lastly, chart 3 of Rio Tinto shows how the distribution also occurred along the distributional red line as shown above.
Donovan Norfolk Technical Rating:
End of Consolidation with many retailers trapped
Bearish
(Sell on Rebounds)
End of Consolidation with many retailers trapped
Bearish
(Sell on Rebounds)
Donovan Norfolk Ang
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