RIO again shoved to the brink

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It’s teetering. It’s tottering. But has not yet fallen. RIO has been pushed the brink of its spectacularly bearish chart again today, down 2% to $51:

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That bearish descending triangle is enormous and the $50 range has been a significant support for nearly ten years (GFC excepted). Surely it will break!!!!

The margin crush is relentless:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.