Is Rio Tinto Off to New Highs?

The price of Rio Tinto (RTP), a large mining conglomerate, has experienced a volatile five months. Since the stock peaked at $474.83 on November 9, 2007, it has dipped, made a double top, dropped to $328.88, climbed back to $464, dipped and then rose to $456.30, its April 7 close.

The price chart shows a symmetrical triangle, a pattern of indecision. Be careful with RTP; its volatility should continue.

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Posted April 8, 2008.