EVR.L slumps, loses £50.40 (-8.99%) within a single day


Evraz (EVR.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
EVR.L crashes, loses £50.40 (-8.99%) within a single day
EVR.L breaks key support level
EVR.L dominated by bears dragging the market lower throughout the day
EVR.L breaks below 50-day moving average
EVR.L ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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 chart for EVR.L
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further selling might move prices lower should the market test July's close-by low at 482.60.

Conclusion

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

Market Conditions for Evraz
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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