Evolution’s Pullback An Opportunity?

This story features EVOLUTION MINING LIMITED. For more info SHARE ANALYSIS: EVN

The company is included in ASX100, ASX200, ASX300 and ALL-ORDS

Having been on the radar for a while, the recent price decline is receiving some good buying support for Evolution Mining shares, notes Fairmont Equities’ Michael Gable.

By Michael Gable 

Last Tuesday, we saw the S&P500 Index break out of its brief trading range and take a run to new all-time highs.

Locally, the S&P/ASX200 Index is still testing its recent highs, but upside momentum for most stocks in general has returned.

Having said that, with the June quarter now over, and US markets closed on Friday, we could see a small consolidation here in the US on the back of the recent breakout.

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

Evolution Mining is a stock that we have looked at on a few occasions in the past year and it has continued to trend higher.

The past few weeks, however, has seen it pull back. It has fallen back to a major support level near $7.50 and for now it appears to be finding some good buying support.

Evolution is therefore a buy down here and we expect it to continue trending higher again.

Initial stops can be considered close by at $7.38.

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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