AsimMirzaTrader

DRR - Could be backtesting to go up.

Long
ASX:DRR   DETERRA ROYALTIES LIMITED
DRR has broken out of its downtrend and the recent pullback lower could be a backtest of its downtrendline. It has been consolidating and holding well at the current zone of $4.15 - $4.30, and I expect that it should continue higher from the current levels. We could see a bit more consolidation before it heads higher. MACD histogram shows that Bearish momentum may have slowed. I will be a buyer once it shows strong bullish price action. My trade plan will be as follows:

TP1 - $4.77 (potential 12%)
TP2 - $5.03 (potential 18%)
Stoploss will be below the consolidation zone

Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.


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