DRD broke out of the broadening channel trapping many shorts, price rose sharply but then reversed sharply, classic action of price fueled by short covering. Now price presents with a failed daily cycle, the current uptrend can be expected to be halted at the resistance of the broadening wedge then turn down lower than recent lows to the median line of the Pitchfork.
The support of the broadening wedge would be interesting for a weekly cycle low, most hinges on what recessionary realities bring into the markets, there is expectation of all assets to take a hit.
The support of the broadening wedge would be interesting for a weekly cycle low, most hinges on what recessionary realities bring into the markets, there is expectation of all assets to take a hit.
Trade closed manually:
DRD has more than met than the target, time to close the short position because price closed above the weekly declining trendline seeming to confirm a weekly low. What we look for is where the daily cycle will land & once that fails we know it is safe to go short again.
Trade closed manually