EVN.AX finds buyers at key support level


Evolution Mining Limited (EVN.AX) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
EVN.AX breaks below 200-day moving average
EVN.AX finds buyers at key support level
EVN.AX breaks below previous session low
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

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 chart for EVN.AX
Volatility

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.

Price Action

Even with a strong opening Evolution Mining closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

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.

Trend

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.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 2.98 where further buy stops could get activated.

Conclusion

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

Market Conditions for Evolution Mining Limited
Condition Forecast Direction Win Avg Worst Best Events
3 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Black Candle TQ Pro Members Only
Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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