EVH runs into sellers again around 11.66
Evolent Health Inc Class A (EVH) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, EVH finished the month 63.62% higher at 11.65 after gaining $0.06 (0.52%) today, slightly underperforming the S&P 500 (0.77%). Today's close at 11.65 marks the highest recorded closing price since February 21st. Trading up to $0.28 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 11.61, the stock confirmed its breakout through the prior session high after trading up to $0.05 above it intraday.
Daily Candlestick Chart (EVH as at Jul 31, 2020):
Friday's trading range has been $0.44 (3.83%), that's slightly below the last trading month's daily average range of $0.56. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EVH.
After having been unable to move above 11.61 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 11.66. The last time this happened on July 21st, EVH actually gained 5.74% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 12.01, upside momentum might accelerate should Evolent Health be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Evolent Health. Out of 3 times, EVH closed higher 66.67% of the time on the next trading day after the market condition occurred.