Our ALGO engine triggered a buy signal for Evolution Mining into yesterday’s ASX close at $2.92.
This “higher low” pattern is referenced to the intra-day low of $2.86 posted on June 19th.
A recent broker report suggests that EVN has several overseas mining assets on its acquisition radar.
The report also showed that EVN’s cash balance increased over the last quarter by $115 million to $332 million, while the company’s net debt fell from $187 million to $71 million.
EVN was added to our ASX Top 100 Model portfolio on July 17th.
We see further support in the $2.80 area and we have medium-term upside target of $3.70.
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.