RIO is in a triangle formation
The chart below shows an ascending triangle with a horizontal line across the 2 highest trend peaks.
You could also draw a downward sloping line across the 2 latest peaks to describe a symmetrical triangle as shown by the dashed line. The horizontal line is more the more conservative approach requiring a break into new highs to complete a buy set up.
The conventional way to trade triangles is to enter in the direction of a confirmed break out of the triangle as long as that break doesn’t occur from too far into the corner of the triangle
The triangle set up may be either a short on a confirmed break of support or a buy on a confirmed break of resistance. Interesting to note though that the stocastic oscillator on the higher time frame weekly chart is trending down. Followers of a dual time frame strategy would only enter the short set up and would stay out of the long set up while this applies