[isatrader]

Just drilling down into the FTSE350 sector, Industrial Metals & Mining and it looks like that there are only two equities in the FTSE350 that actually make up this sector - EVR and FXPO. This looks likely to be that this sector has been hammered so hard that the market caps of most of them have been decimated, thus forcing them out of the FTSE350.

I think the scoring towards this sector may be a bit skewed if it only factoring in two equities. EVR is looking like shaping up a nice stage 1 base. It could potentially form a inverted H&S pattern on the weekly or a cup with a handle pattern on the daily chart.

The Industrial Metals & Mining sector has been that only a few equities for a long time, so gets skewed in both directions. But the move up the table in the last few weeks is due to EVR.L which is developing a Stage 1 base. However, after a multi year decline, it's got a fair bit of near term resistance to work through before it's a better looking prospect for the methods requirements, and is also a long way below it's 30 month MA still.