Vale Rebounds But Hits Resistance

Vale (RIO), a large Brazilian mining conglomerate, faces resistance around $37, which is near its all-time high.

Its price chart shows an ascending triangle, a usually bullish formation with increasing lows and stable highs with potential for an upside breakout. But the mining sector is quite volatile, so use caution with RIO and other mining stocks.

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Posted April 9, 2008.