DRD the last time we made a new all time Hi in the gold price
DRD was at R 29.72 we just made a new All Time Hi and the share is nowhere near
last time round . for a company that has no debt DRD is undervalued and trading
at a huge discount so am still bullish on this stock?
i would like to see more updated stock and company info from management
as to where...
DRDGOLD Limited, a gold mining company, engages in the surface gold tailings retreatment business in South Africa. The company is involved in the exploration, extraction, processing, and smelting activities. It recovers gold from surface tailings in the Witwatersrand basin in Gauteng province. The company was incorporated in 1895 and is headquartered in...
The last coverage of DRD was on the 17th of January 2023 and I forecasted a pullback for wave (iv) before wave (v) takes off to complete the impulse move from 864.
The share has not disappointed, driven by the recent surge in the gold price.
Wave (v) in commodities can be extended but there is no way of telling in advance if it will be.
The share has strong...
DRD was looking good - bull flag breakout and well on its way - until it proved to be a fakeout! Will now look to pick it up either at the bottom of the flag range (around 12.65), or will look for another breakout attempt with a target of 15.70. Although Gold price is struggling, ZAR is still very weak which could help.
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%.
Uptrend channel is continuing for DRD Gold
Price >200MA - Bullish
21 >7 - Bearish
RSI = 50 bearish divergence.
Target R15.00
Fundamentals:
DRDGOLD, a company, is getting ready to release its results for the last six months of 2022. They are telling shareholders that they think their earnings per share and headline earnings per share will be between 59.5 cents...
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!
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.
