They Say You Want An Evolution

Technicals | Dec 05 2023

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

By Michael Gable 

The S&P/ASX200 Index has broken above that key resistance level near 7100 and as we highlighted last week, this should see it move up towards 7350.

In the US, the S&P500 Index continues to consolidate near the July high. While much has been made of the large tech stocks fuelling the rally in the US, it is interesting to see the rally starting to broaden out now to other areas of the market. That is a positive sign for the health of the current rally.

We have been bullish on gold for a number of weeks now, and everyone else is starting to now notice that gold is looking to make a major breakout here. Although it was off overnight, we have an updated chart today of gold miner Evolution Mining ((EVN)).

We looked at the EVN chart during August and September and noted that it was consolidating sideways in preparation of a major move higher; with a push beyond $3.80 being the trigger.

We finally got that breakout last week (circled). We should now see a new uptrend in EVN. The first line of resistance will kick in near $4.75. Any weakness in the next day or so is another buying opportunity.

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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For more info SHARE ANALYSIS: EVN - EVOLUTION MINING LIMITED