Rio Tinto PLC

RIO remains in a Stage 4 decline with a clear lower-highs/lower-lows sequence. A bounce from extreme oversold levels has failed to reclaim the declining 9/21 EMAs, indicating no reversal confirmation. The medium-term bias stays bearish and aligns with Stage 4 downtrend structure. Execution should be deferred—stalking rallies into the zone of the falling EMAs for trim-on-rejection setups. A sustained close above the 9/21 EMAs with follow-through would invalidate the bearish posture.

• ↑Q2 iron ore sales up 7% YoY to 85.3 Mt, boosting volumes.
• ↑Copper-equivalent output rose 3% YoY, driven by Oyu Tolgoi ramp-up.
• ↓Weak balance sheet indicators suggest potential solvency issues.