Further Losses Expected on Rio Tinto

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Rio Tinto shares (LSE:RIO) are extremely weak right now, and the weakness is expected to continue. This is a wonderful opportunity for sellers, who can make more money by continuing to sell the shares. Every week proffers attractive trading opportunities; and you can take them.

In the chart, it can be seen that the price is below the EMA 20 and the Williams’ % Range period 20 has gone towards the oversold territory. Long positions are not recommended, for this is a bear market. Any rallies that can be experienced would simply offer nice opportunities to short further.

No long-term reversals can materialize right now because the bears have refused to cooperate with the bulls. If “19,” refuses to cooperate with “1,” it would never become “20.” The next target for the sellers are now at the support level of 2000.

Those who are victorious in the markets have certain things in common. These things were not in your nature, as good as they are. You need to inculcate a winning mindset as well as a useful trading approach. You surely need a positive outlook and a positive expectancy system.

This forecast is ended by the quote below:

“Anyone can have short term success by being in the right place at the right time, but consistency is what differentiates the pros from the amateurs, the timeless legends from the one hit wonders.” – Mark Minervini

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