RIO rallied over +4.5% in the US overnight and locally the stock looks poised to challenge the $140 area in coming weeks. MM were hoping to buy RIO around $100 but as is so often happening at present pullbacks are falling short of our ideal entry levels illustrating the markets “buy the dip” mindset plus of course cash on the sidelines. We like RIO but are reticent to chase current strength especially as we have a large holding in BHP Group (BHP).
MM likes RIO medium-term
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