EVR Holdings: New trendline target up to 16p

EVR Holdings (LON:EVRH) was one of my stocks for 2017, and has thus far proved robust enough to live up to the enthusiasm of private investors.

These days, given how one can be shot down via social media, with or without justification, I tend to be as conservative and cautious on share price targets as possible. This is especially the case when dealing with either stock market darlings, or of course bulletin board hero stocks like EVR Holdings.

Although it could have been the case that the virtual reality content group turned out to be a flash in the pan, it seems to be the case that the company has so far delivered on heightened expectations. This point was underlined by today’s announcement regarding EVR being able to show Universal Music gigs in virtual reality, which has caused the share price to jump again.

Just how high it may continue to fly is suggested by the present configuration of the daily chart. There has been a rising trend channel in place since as long ago as August last year. The top of the channel is pointing as high as 16p, a destination which could be hit over the next 4-6 weeks. This is especially the case while there is no break back below the 50 day moving average at 10.37p.