Can AUS gold mining stock EVN drive against the market?
Spot Gold.
The market drove the gold price down and closed below the open price of previous bullish candlestick.
This bearish engulfing is the first sign of bearish movement. It is also found near the resistance zone in mid-June 2018. Therefore, it makes sense for a technical correction.
Conversely, this AUS gold mining stock EVN behaved very well from the upward support trend line, where you can spot a bearish rejection at $2.60 in Oct 2018. Later a bullish breakout of rising triangle. The price also hit slightly above the upward resistance trend line.
As there are no bearish candlestick patterns, we move our eyes on the indicators of RSI and stoch (8,3,3).
RSI's value = 76.40
Stoch (8,3,3) shows a bit of down turn from a value of 100.
We can consider it is overbought and there is a false breakout since these indicators values are in historical high.
Thanks for reading.
The market drove the gold price down and closed below the open price of previous bullish candlestick.
This bearish engulfing is the first sign of bearish movement. It is also found near the resistance zone in mid-June 2018. Therefore, it makes sense for a technical correction.
Conversely, this AUS gold mining stock EVN behaved very well from the upward support trend line, where you can spot a bearish rejection at $2.60 in Oct 2018. Later a bullish breakout of rising triangle. The price also hit slightly above the upward resistance trend line.
As there are no bearish candlestick patterns, we move our eyes on the indicators of RSI and stoch (8,3,3).
RSI's value = 76.40
Stoch (8,3,3) shows a bit of down turn from a value of 100.
We can consider it is overbought and there is a false breakout since these indicators values are in historical high.
Thanks for reading.
