Evolution Mining Shares Ready To Rumble

This story features EVOLUTION MINING LIMITED.
For more info SHARE ANALYSIS: EVN
The company is included in ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

Michael Gable of Fairmont Equities believes the bottom is in for Evolution Mining shares.

By Michael Gable

With the US mid-terms out of the way, we have finally removed a large piece of uncertainty which can enable markets to get moving again in a sustainable way.

We noted last week that market breadth was looking better heading into the election but that funds should continue to rotate out of tech and into other areas such as resources.

That seems to be what is now happening in markets. The NASDAQ still looks fairly vulnerable here, but it is undeniable that our local mining stocks have seen very strong inflows these past few days and we expect that trend to continue.

Today, we offer a technical view on Evolution Mining ((EVN)).

After peaking near $16 in August, EVN then fell back alongside the gold price. It became oversold in October on the RSI before bouncing strongly.

The past few days has seen it break the short-term downtrend (circled) on good volume and we can therefore be confident that a low is in place, and that EVN is going to push higher from here.

Current levels are a buying opportunity.

We expect EVN to retest the August peak near $16.

Content included in this article is not by association the view of FNArena (see our disclaimer).

Michael Gable is managing Director of Fairmont Equities (www.fairmontequities.com)

Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. We are based in the Sydney CBD but provide services to private clients across Australia. We believe that the concepts of fundamental analysis and technical analysis of stocks are not mutually exclusive. Regardless of whether you are a trader or long term investor, combining both methods is crucial to success. As a result, the unique analysis of Fairmont Equities is featured regularly in the media such as Sky News Business, CNBC, The Australian Financial Review, and the ASX newsletter. Contact us for a free trial of our research and information on our portfolio management services.

Michael is RG146 Accredited and holds the following formal qualifications:

• Bachelor of Engineering, Hons. (University of Sydney)
• Bachelor of Commerce (University of Sydney)
• Diploma of Mortgage Lending (Finsia)
• Diploma of Financial Services [Financial Planning] (Finsia)
• Completion of ASX Accredited Derivatives Adviser Levels 1 & 2

Disclaimer

Fairmont Equities Australia (ACN 615 592 802) is a holder of an Australian Financial Services License (No. 494022). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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