Rio Tinto (RIO) is a global mining and metals company producing iron ore, copper, aluminium, and lithium. The focus here is a rising support trendline that has been in place since mid-2024 and has created higher lows for nearly a year.<\/p>\n
The price has pulled back to this trendline and held on three occasions: in the fall, in early 2026, and again this week. After the latest touch, the share price has started to recover towards $94.45.<\/p>\n
A key resistance level sits at $98.06. The price previously reached $98.06 and then fell from that level back down to the rising support.<\/p>\n
The current move has the price working back towards $98.06. A confirmed daily close above $98.06 would indicate a break above resistance.<\/p>\n
If the price instead has a confirmed daily close below the rising support trendline, attention shifts to the $84 to $85 area. The trendline has now been tested three times, increasing focus on whether it continues to hold.<\/p>\n
Rio Tinto is currently bouncing off a significant rising trendline that has been in place since the middle of 2024. The stock just touched this support and has recovered toward $94.45 as of April 3, 2026. This consistent pattern of making higher lows shows that buyers are stepping in on any weakness.<\/p>\n
This technical strength is happening as iron ore prices have begun to recover, climbing back above $115 per tonne in late March. Adding to this, China’s latest manufacturing PMI reading came in at 50.5, signaling a slight expansion in industrial activity. This fundamental backdrop supports the idea of increasing demand for RIO’s core products.<\/p>\n
For derivative traders, this creates a clear bullish setup to watch in the coming weeks. The primary target is the overhead resistance at $98.06. Buying call options, perhaps with May or June 2026 expirations, could be a capital-efficient way to play for a test of that critical level.<\/p>\n
We are already seeing signs of this positioning in the options market, with a notable pickup in call volume for strikes above $100. Looking back, we saw a similar technical pattern in 2023 that preceded a sharp rally when underlying commodity prices improved. A confirmed daily close above the $98.06 resistance could be the trigger for such a move this time around.<\/p>\n
However, the risk is a failure at resistance and a break of the long-term trendline. Since this support has now been tested three times, another failure could be significant. A confirmed daily close below that rising support would invalidate the bullish view and make buying put options attractive, targeting a move down to the $84 to $85 zone.<\/p>\n
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