Our ALGO engine triggered a buy signal on Evolution mining into yesterday’s ASX close at $3.13.
The “higher low” price pattern is referenced to the intra-day low posted at $3.07 on May 21st.
In general, the junior mining stocks have been performing well even as the price of spot gold has traded lower. We expect a turnaround in the spot price would give the mining stocks a lift.
EVN has now been added to our ASX Top 100 Model portfolio. We see good chart support at $3.00 and initial resistance near the $3.60 area.
Todd has worked in the financial industry for 20 years. During this time, his primary focus has been in the Foreign Exchange, Global Equities and Fixed Income areas. Todd has also served as a Judicial Advocate in several tax cases in the US Federal Court.