EVR.L pushes through key resistance level
Evraz (EVR.L) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
EVR.L ended the week 0.5% higher at 483.70 after gaining £8.60 (1.81%) today on low volume. Today's closing price of 483.70 marks the highest close since September 6th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EVR.L as at Sep 14, 2018):
Friday's trading range was £9.10 (1.91%), that's below last trading month's daily average range of £14.78. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Breaking through the key resistance level at 482.60 today, it is now likely to act as support going forward. After having been unable to move above 487.80 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 486.10.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the close-by swing high at 487.80 where further buy stops could get triggered. Further selling might move prices lower should the market test August's nearby low at 457.80.