EVR.L slumps, loses £50.40 (-8.99%) within a single day
Evraz (EVR.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
EVR.L finished the week -6.9% lower at 510.00 after tanking £50.40 (-8.99%) today on high volume. This is the biggest single day loss in over four months. Today's closing price of 510.00 marks the lowest close since July 11th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 542.60, Evraz confirms its breakout through the prior session's low having traded £41.00 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (EVR.L as at Aug 10, 2018):
Friday's trading range was £43.60 (8.02%), that's far above last trading month's daily average range of £17.54. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 498.60. Breaking below the key support level at 517.20 today, it is now likely to act as resistance going forward.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock broke below the 50-day moving average at 526.36 today for the first time since July 11th.
Further selling might move prices lower should the market test July's close-by low at 482.60.