Stock: Evolution Mining Ltd (EVN ASX)
Evolution Mining has been in a sustained uptrend since bouncing off the November 2014 lows. Peaking at $3.06 in July 2017, the stock sold off and remained contained under the $2.63 major resistance level until January 2018. On the fourth test of $2.63, the buyers stepped up to break through with ease, quickly taking out the level along with the previous high at $3.06. In a sign of continuing strength, EVN has consolidated above $3.06 and this previous resistance level can now be considered as new support.
What Does Evolution Do?
Evolution Mining Limited (EVN) is a Gold Miner that was formed by way of merger in 2011. The company owns and operates multiple mine sites across Australia. Working on a growth via acquisition model, Evolution seeks to operate its projects safely & efficiently whilst developing them to their full potential.
To access a list of company announcements, financial summary & dividend history – Click Here.
The Barons Brief – Official Summary
The Baron initiates a buy rating on EVN. Preferred entry is a retest of the $3.06 support level. A break & close below $2.63 would be negative and cause to avoid.
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Disclaimer: The information contained in this article has been prepared solely for the entertainment & educational purposes of the reader and does NOT constitute financial or investment advice. Any examples presented in this article are for illustration purposes only. No person, persons or organisation are authorised or permitted by the authors to take any action on the reliance of this information without first consulting an authorised, accredited financial planner or advisor. The authors are entitled, at their sole discretion, to hold positions in the above-mentioned stock/s. The authors accept no responsibility for the accuracy, completeness or timeliness of the information contained in this article. Disclosure – No positions are currently held in EVN – ASX at the time of publishing this article (This is a disclosure and NOT A RECOMMENDATION).