EVN.AX unable to break through key resistance level

Evolution Mining Limited (EVN.AX) Technical Analysis Report for Jul 13, 2018

Highlights

EVN.AX unable to break through key resistance level
EVN.AX runs into sellers again around 3.33
EVN.AX closes within previous day's range after lackluster session
EVN.AX ends the day indecisive

TQ Sentiment

Report Sentiment:
40% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

EVN.AX ended the week -5.16% lower at 3.31 after flat today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for EVN.AX

Volatility

Friday's trading range was A$0.05 (1.51%), that's far below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Unable to break through the key technical resistance level at 3.32, Evolution Mining closed below it after spiking as high as 3.33 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 3.32 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 3.33.

Trend

Although the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could speed up should prices move below the nearby swing low at 3.25 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Evolution Mining Limited

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