RIO our Free Stock Pick for Thu Feb 3rd 2011
Rio Tinto Plc (RIO), one of the largest mining companies in the world, jumped $1.97, or 2.77%, Wednesday on very heavy volume of 4.3 million shares and broke out of an ascending triangle pattern in which the stock has consolidated over last three months.
With strong commodity prices (copper at record highs), we could see continuation of current momentum in RIO towards the 80 area. Preferred entry (buy stop) price is at 74.00, with a stop loss at 71.50.
RIO's earnings announcement is on Thursday February 10, and I suggest closing any positions before that time. See our Trading Rules page for more detail.