EVN.AX finds buyers at key support level
Evolution Mining Limited (EVN.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
EVN.AX ended the week 2.11% higher at 2.91 after losing A$0.02 (-0.68%) today. Closing below Thursday's low at 2.92, the market confirms its breakout through the previous session's low having traded A$0.04 below it intraday.
Daily Candlestick Chart (EVN.AX as at Aug 10, 2018):
Friday's trading range was A$0.08 (2.71%), that's slightly below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
Even with a strong opening Evolution Mining closed below the prior day's open and close, forming a bearish Engulfing Candle.
After trading as low as 2.88 during the day, the share bounced off the key support level at 2.90. The failure to close below the support might increase that levels importance as support going forward.
Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. EVN.AX broke below the 200-day moving average at 2.93 today for the first time since July 30th.
Buying might accelerate should prices move above the close-by swing high at 2.98 where further buy stops could get activated.