RIO) Run & Surpass the ATH Level?

Rio Tinto Group is a company that explores, mines and processes various mineral resources. Its business segments include iron ore, aluminum, copper, and minerals.

The RIO stock’s dividend yield for the TTM is 6.11% and its last dividend payment was £1.38 per share. The last ex-dividend date was August 10th, 2023 and its payout ratio is 73.31%.

Rio Tinto Group will announce its financial results for the next half of 2023 on Wednesday, February 28th, 2024.

The first half of the report for the period ending June 2023 showed a revenue of £21.62 Billion, a net income of £4.15 Billion, and a profit margin of 19.19%. The second half revenue is estimated to be £26.712 Billion.

The Rio Tinto Group stock’s most recent first-half balance sheet for the period ending June 2023 showed total assets of £76.73 Billion and total liabilities of £34.77 Billion.

Based on the recent data, the RIO stock reported an EPS of £3.243 for the first half, missing the analyst’s estimate of £3.294 by 1.56%. The next half of EPS is estimated to be 2.923.

RIO Stock Price Technical Analysis in 1-D Timeframe

The RIO stock has a float of 1.037 Billion shares and a market cap of £88.809 Billion. The stock’s average volume for the last 10 days is 3.036 Million and its current volume is 5.34 Million.

The Rio Tinto Group stock’s earnings per share (EPS) for the trailing twelve months (TTM) is 4.41 and its price-to-earnings ratio (P/E) for the same period is 12.07. The Rio Tinto Group stock has a CMP of £58.86 and an intraday loss of 2.73%.

The Rio Tinto Group stock displayed a good performance in its share price over the past years, with a major bullish run that started in March 2020 from £32 and reached its all-time high of £78 by May 10th, 2021.

However, after hitting the peak, the RIO stock experienced some profit-taking and entered a narrowing channel, showing major consolidation in the range of £50-£75 on the charts.

RIO stock has tested both trendlines multiple times but failed to break them and ended up trapped in a converging range. With the last attempt from £52 support, the price rose up to £73 where the price faced resistance and dropped back to a lower trendline and failed to break above the trendline.

The recent dividend on August 10th helped the RIO stock on the chart and showed positivity by surging upwards, and if it breaks above the recent trendline of a declining channel, it might surpass its all-time high as well.

Major moving averages are highlighting bullish views at press time. The MACD is highlighting a broadening histogram width with a bullish cross and the RSI is also at 55. Collectively, indicators are giving consolidation to bullish signs

The stock ratings for Rio Tinto Group stock are positive and recommended as a “buy” rating by 21 analysts who have evaluated it in the last three months. The 1-year price forecasts for Rio Tinto Group stock by 18 analysts range from £52.23 to £89.22, with a good potential for growth.

Summary

Rio Tinto Group (LSE: RIO) chart indicates that the traders and investors of the RIO stock price are bullish on the 1-D time frame. The technical analysis tools of Rio Tinto Group stock price give bullish outlooks to continue. The EMA, RSI, and MACD highlight bullish signals in the Rio Tinto Group stock price. However, the price action shows a consolidation to a bullish outlook at the time of publishing.

Technical Levels

Support levels: £55 and £50

Resistance levels: £63 and £68

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.