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What now? The RSI(8) is more oversold than it's been in 6 months, and Rio's at the EMA(55) which has (in the past) supported this uptrend.
I guess we're all just waiting for those earnings to come out? The ones where Rio is supposed to have made a ton of money cos the ore they're processing has more gold than we originally thought?
Either you get a bounce there, or you get a bounce cos the gold miners are done selling, or you don't get a bounce. I guess. Or the robots rebel and kill humanity.
In this kind of climate I do wonder what kind of results Rio would have to post to lift the share. The company is doing great, the market is puking, so Rio might as well wait to announce those news until the market is more reasonable.
ReplyDeleteIt's only diving because the big accumulators have walked away because they see weakness in the market. At least that's my opinion.
ReplyDeleteThey must have walked away some time ago, HUI now sports a RSI of 27, and the Gold:HUEY ratio must be at some kind of (almost) ATH?
ReplyDeleteSo what does your crystal ball tell you? Close to bottoming?
I was talking about RIO. The accumulators walked away a couple weeks ago or so. I'd expect they'd be back once the mining sector doesn't look so weak generally.
ReplyDeleteAs for $HUI, it's a shitty index made of shitty stocks that can't mine worth shit, what do you expect? The reason I knock it so much is that it's not even worth paying attention to. It's about as informative about the broader mining market as GUY going to $3 is. I'm not worried about HUI hitting 450, because that just means that Newmont and Hecla and Agnico still suck. That, old chap, is no surprise to anyone.