RIO takes out post-GFC support

Monday, 24 August 2015

It had to come. RIO just took out its post-GFC low in the mid $48s, down nearly 3%:

If we close below this level it’s technical free fall time straight down to the low $20s. FMG is down 8% but still above previous lows. BHP is in technical free fall down 3%.

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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.