Evraz Making New All-Time Highs

Evraz PLC is now sitting comfortably above the previous all-time high and still looking strong.
On the daily chart we want to see price retest the all-time high and use it as support, followed by a breakout which will confirm a continuation of the bull trend.

In May/June 2017 price used the Weekly 50 simple moving average as support.
Then in November 2017 and February 2018 price used support areas as a springboard to propel it higher.

Now that price is making new all-time highs there is not any previous areas of resistance in the way of price.
We will have to be wary of round numbers but the next major one is at £10.00 which is some distance away so nothing to worry about for now.

When this stock was launched on the stock market in 2011, it declined for a few years and only started the uptrend in February 2016.
The uptrend has been going on for 2 years and there is no telling how long it may continue on for.
One thing is evident which is that this stock experiences deep pullbacks so it is a trade that will need a lot of patience while it recovers from these pullbacks.

We will see if we can get that second breakout if price retests the support level .

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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