See link below for previous analysis.
Gold and JSE Gold gold stock have been on a strong run lately.
DRD clearly did not get the memo as the stock is trending up but very slowly comapared to its peers and with the tailwinds provided by the gold price.
When such a disconnect occurs, one needs to take a deep look into the fundamentals which is beyond the scope of...
DRDGOLD, established in 1895, holds the distinction of being the Johannesburg Stock Exchange's (JSE) oldest listed company, a title it took over from SA Breweries, which was listed in 1897 and later acquired by Anheuser Busch. Currently, DRDGOLD specializes in surface gold treatment operations, boasting an all-in sustaining cost of extraction slightly over...
DRDGOLD (DRD), established in 1895, holds the title of the JSE's oldest listed company, with SA Breweries, listed in 1897 and later acquired by Anheuser Busch, following it. DRD operates as a gold surface treatment entity, boasting an all-in sustaining cost of extraction slightly over R627247 per kilogram, which is notably less than the average received gold price...
After reaching a high of R24.50 in May 2023, DRD has retraced right back to the change of polarity point and 200 week moving average (green). The level of R14.00 also happens to be the 61.8% fib retracement level joining the swing highs from May 23 and Swing lows from Sep 22. Putting this all together tells me that the 14.00 level is a high probability of leading...
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...
DRD Gold was looking very bullish when it broke out from the bull flag.. unfortunately this proved to be a fake out when to touched around 18.50 and then pulled back. Relooking at the stock now, we see that it is back in the range and potentially targeting horizontal support around 14.80. The new range now appears to be 14.80 - 18.50 and traders can look to try...
W Formation is forming on DRD Gold.
It's been a slow process, considering how many gold stocks have been outperforming the index itself.
But we are seeing signs that it's nearly DRD Gold time to shine...
The price is close to the neckline which needs to breakout. We also need to see a confirmed close and strong move above the 200MA.
The target remains at...
DRD Gold has had a troubling year.
It's dropped from May 2023 from R25.35 down to R15.00.
There've been two strong tests at R15.00 which has helped form a major bullish W Pattern.
We just need the price to move up to break above the Neckline.
Once that happens, the next target will be back to the highs around R25.00.
The short term Moving Averages confirm...
Medium term view. Buy at current levels or better (lower). Following multiple rejections of it's downward trend line, the share could be primed for a change of trend. As always, traders could consider the following if/when the share approaches the target: bank/take profit, partially scale out, adjust the stop-loss to protect profits. Time stop: 27 March...
Price has been in a descending channel and the 200-day SMA has been acting as a dynamic support and resistance level.
Direction: Sell
Target: R15.34
Stop loss: R17.66
Risk/Reward: 2
Traders/Investors should always make their own analysis, the idea posted is just a guideline. Risk management is always your number one priority.
JSE:DRD tumbled from highs of R29.50 in July 2020 and faced a sell off until it found support around R8.80 and rallied to R25.46.
The high at R25.46 had a bearish reaction at the 76.40% Fib retracement level of the previous bearish phase and price has been painting a falling channel since then. With market gaps below current levels, we may see some more downward...
Potential bull flag currently being formed on DRD. Ideally, would like to see horizontal support at around 15.80 as being the price from which share price bounces as the range low - and from there, we hopefully see the bullish pattern play out. TP to the upside would be 25.42 and stop loss probably on a close below 14.50.
DRDGOLD (DRD) was listed in 1895 and is the JSE's oldest listed company. It was followed by SA Breweries which was listed in 1897 and has now been acquired by Anheuser Busch. DRD is now a gold surface treatment operation which is at an all-in sustaining cost of extraction of just over R627247 per kilogram which compares to the average received gold price of...
DRD reported decent results this morning and the technicals look to support the bullish case. Currently trading at the bottom of the range, this might be a good area to accumulate a few but more importantly, we would love to see this pattern play out with a break to the upside.
Falling Flag has completed on DRD Gold. It started on 9 May 2023, where the price came trickling down in a falling rectangle formation.
The price now has broken above, which signals high buying and demand liquidity.
This will push the price up.
Other indicators confirm:
7>21>200MA
RSI>50
Target 1 will be to R25.24 at the top of the pattern.
ABOUT THE...
Remains a risky trade.
A price action above 1980 supports a bullish trend direction.
Further bullish conformation for a break above 2100 (upper range of the declining channel pattern).
Alternatively, a pullback might occur.
The target price is set at 2240.
The stop-loss price is set at 1880.
Upside price momentum (see the lower panel) is applicable.
DRD has been doing well since last year July volatility is up and the retraction of 30 %
was predicted after the over bought positions to R28 was achieved how far will we go this time round back to R28 or beyond?
Price for DRD is stretched, on the daily cycle price is seeking a cycle high before beginning descent. Looking at the weekly cycle, one might construe that the share is in a new weekly cycle although this can turn out to be week 29 of a continuation of a cycle that began on 28 September 2022. Week 29 coincidentally also features as a weekly high before price...
