Following my March post below EVN let me down by rising strongly only to fall back sharply and make a new low - a significant low as it fell below a level of long-term support that has been in force for 7 years (dashed blue line), and made a new downtrend. Having broken the downtrend (physical gold has also broken a downtrend supporting probable higher prices for goldies going forward) and making higher weekly troughs and peaks, EVN seems to have a lot going for it.

26 March 2021

EVN has been in decline since the middle of 2020. Price fell to a strong line of support (blue dashed line) that has held for some 6 years and looks to be the lower boundary of a large price channel. It then moved up to (not suprisingly) follow the price of gold. The chart of GOLD tells me it may have bottomed but there remains a potential to fall further, but given EVN has moved up from a stong support its chart suggests its price has bottomed. EVN has also closed above a downtrend line for two consecutive weeks which is another buy signal. EVN remains in a technical downtrend so there remains some risk to this trade.