EVN 2.93% $3.87 evolution mining limited

EVN Charts, page-19

  1. 10,275 Posts.
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    For short term movements, the sentiment is reflected through the POG in USD.
    Hence when I do TA of the EVN charts, the sentiment for POG needs to be taken into account. POG is reaching an important level in 1337/38 as it was a previously within a downtrend resistance line. The POG is currently working with uptrend and downtrend channels and I was hoping it would hold above 1345 and ideally above 1350 which would have continued momentum uo Uptrend. We need to be careful of entering into the Down trend channel, which we will do if we breach 1337 levels on the downside and hold. The sentiment at the moment with POG USD is neutral and support here is important.

    In regards to EVN, for the UT from april 2016 to hold 2.59 needs to hold. I note there is a gap there at 2.61 which coincides well. Other indicators which could infer strong support at the 2.6 levels areEMA50, Bollinger bands. At the moment it is on a ST retracement pattern from July highs and sentiment is bearish. We are approaching oversold levels and another red red will take us there. However, it is important to monitor the 2.6 level as COULD provide a good entry point. Unlike the Bullish hammer on this thread, the key is to always set up a trade and wait for confirmation. The greater the correlation the greater the probability however nothing is a definite and confirmation is always required i.e. bounce or consolidation at prescribed levels.
    So 2.58-6 levels to look out for in regards to evn. POG 1338.
 
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