A bearish trend is applicable and the ideal entry range is around 1410.
Increase the short exposure for a break below 1370.
Stop-loss is set at 1460.
The profit target is set at 1330, which is the objective of the double top pattern.
Remains a risky trade.
Target 1 Reached at R14.12 from the previous analysis.
Now there is a Rectangle formation and on the bigger side of things a Larger Rounding Bottom.
We just need to wait for the breakout.
7>21>200 - BULLISH (Green background)
RSI >50 - Green
New target R17.63
GENERAL INFO
DRDGOLD (Founded in 1895 in JHB) is the largest producer of surface gold tailings in...
From the 28 September 2022 low of 864 zac, DRD has rallied almost 80%.
The share does seem to be tracing out an impulse move with wave (iii) still intact but overly extended relative to wave (i).
At this juncture, it is not wise to buy in hope of further upside.
If the impulse outlook is correct, we can expect a correction or consolidation for wave (iv) before the...
Cup and Handle has formed on DRD and is looking pretty good.
There has been a retracement where it will be testing the uptrend as well as the Brim level on the Cup...
Also Moving Averages have crossed up with 7>21>200
Fundamentally, I am bullish on gold in the medium to long term. Despite the interest rate hikes, the chart is neglecting them and is showing the...
Interestingly, and quietly, DRD has broken out from a bullish falling wedge. I am a little sceptical on Gold still but will be interesting to see where this goes. One could take a punt for a long to about 15.40 -45, with a stop loss on a close below 11.65.
The 200dma is out of the way on DRD. Buyers currently trying to clear the 1200c resistance area.
Should we get through that, 1400-1500c will be back in focus!
Relative performance and relative strength is meant to assist traders and investors in understanding the appropriate weighting/positioning versus the overall market. Combined with additional factors, a trader is able to determine whether they should hold an equal weight, underweight and overweight position versus the index. The data below represents the relative...
DRD has broken out of a giant falling wedge. It is now in a zone that is good for accumulation. I expect price to move towards the upper line of the wedge & break-out. The macro-economic environment is increasingly favouring gold to outperform general stocks. Ideally one to trade & take profit above gain of 30%.
Relative performance and relative strength is meant to assist traders and investors in understanding the appropriate weighting/positioning versus the overall market. Combined with additional factors, a trader is able to determine whether they should hold an equal weight, underweight and overweight position versus the index. The data below represents the relative...
Speculative trading opportunity. Potential change of trend with the price attempting to clear the descending channel (bull flag). Preferred accumulation at current levels or lower.
TRADING LEVELS:
Entry: 957
Target: 1055
Stop-loss: 912
For more research, including trading ideas, get in touch today.
DRDGOLD has formed a decent double bottom pattern off the R8.60 lows
- A daily close above R9.70 triggers the long trade
- Initial target is R10.85 but the stock has alot more room to move if Gold continues to catch a bid from here
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Disclaimer: All ideas are my opinion and should not be taken as financial advice.
A change in trend direction occurred when the MACD crossed bullish.
A bullish stance is applicable above 1360.
Crossing below this level will negate the bullish stance.
Upside price momentum supports the bullish trend.
Remains a risky trade.
DRDGOLD Ltd. engages in the business of retreatment of surface gold. It operates through the following segments: Ergo, FWGR, and Other Reconciling Items. The Ergo segment treats slime dams and sand dumps to the south of Johannesburg's central business district as well as the East and Central Rand goldfields. The FWGR segment focuses on the slime dams in the West Rand goldfields. The company was founded on February 16, 1895 and is headquartered in Johannesburg, South Africa.
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