EVRAZ plc : A resistance as obstacle
Entry price | Target | Stop-loss | Potential |
---|
GBX 278.4 |
GBX 0 |
GBX 309 |
+100% |
---|
The upward trend seems to be run out of steam and the downward trend could recover on the Russian mining company.
Technically, the security could run out of steam close to the GBp 293.7 resistance. Indeed, the stock is moving in an upward trend in the short term but it could know a halt. In this context, the downward movement could improve and it should expect a return to GBp 241.1. Indicators that show an overbought situation confirm this scenario.
The graphical configuration argues to establish a short position at the current price. The end of the technical rebound, the consolidation phase and overbought situation : EVRAZ has all the characteristics for short selling. The first objective will be fixed near the GBp 241.1 short term support and by extension the GBp 211.5 area. This strategy should be protected by a stop loss above GBp 293.7.
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