EVN.AX unable to break through key resistance level


Evolution Mining Limited (EVN.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
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:
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
ConditionForecastDirectionWinAvgWorstBestEvents
2 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Evolution Mining Limited traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup

Stocks Top Movers

ETHUSD 462.3514.38 3.21%
BTCUSD 7,414.9082.64 1.13%
GBPUSD 1.31350.0120 0.92%
GOLD 1,231.99.4 0.77%
HSI 28,224.48213.62 0.76%
INDU 25,058.12-6.38 -0.03%
NDX 7,350.23-2.13 -0.03%
FTSE 7,678.79-5.21 -0.07%
NATGAS 2.733-0.002 -0.07%
SPX 2,801.83-2.66 -0.09%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV88.91 -1.04
-1.16%
ACN 10 day candlestick chart for ACN166.52 -0.37
-0.22%
ADBE 10 day candlestick chart for ADBE257.54 -0.14
-0.05%
AAP 10 day candlestick chart for AAP142.67 -0.70
-0.49%
AES 10 day candlestick chart for AES13.03 0.00
0.00%
AET 10 day candlestick chart for AET187.22 -2.82
-1.48%
AFL 10 day candlestick chart for AFL43.06 0.17
0.40%
AMG 10 day candlestick chart for AMG148.84 -0.47
-0.31%
A 10 day candlestick chart for A63.85 -0.30
-0.47%
ABT 10 day candlestick chart for ABT63.32 -0.46
-0.72%