Evraz still has some 6-7% of upside#EVR keeps going North like a regular train as mentioned in the previous analysis.
There is probably some more upside potential to 455-460 target (50% of correction - 261.8% Fibo extension).
Expect some correction to 410-415 from current levels before completing current wave 5.
Whatch out for RSI (daily 74, weekly 69) is it doesn't like to stay too high.
Evraz
EVR Pushing the ATH.EVRAZ is pushing its ATH- which was last years YR3. As can be expected there are some signs of profit taking at this level but shares are being bought up immediately and if this continues EVR will break its ATH into clear skies. 603 is the YR1 pivot. Looking at last year there was a major pullback each time EVR reached a yearly pivot so waiting for a weekly close above, or buying the pullback is the move.
Volume profile shows a double distribution with the POC at 376, however value is consistently building higher into a positive skew to support the bullish thesis, with the POC for the broadening formation at 535.
Fundamentals are excellent, as is the dividend. Stockopedia 99/99.
Evraz Breaks Out StrongLast post: May 11th. See chart .
Review: Price had broken through a strong resistance level and was moving strongly to the upside.
Update: Price has broken another resistance level and is making new highs.
Conclusion: This recent breakout is offering us a chance to enter a long trade.
Any comments or questions, do not hesitate to leave them below. Give us the thumbs up if you share our sentiments!
Sublime Trading