DRD Cup And Handle Forming timing on this Trade Pattern is perfect? earnings Season could not ask for a better start Double top signaled start of Cup
Low cost mining venture linked to my prediction of a weaker rand. Stochastics entering over sold territory. ATR buy signal. Breaking of triangle pattern to the top on weekly chart.
DRD Flag Pattern with Elliot wave indicator 5 wave will be a longer wave as the third wave was short triangle indicating upside movement continuation.
The world is printing money. So gold may have a great bullrun 2021 ahead. Gold mining juniors will profit and a company with healthy fundamental numbers is South African DRD Gold limited, traded at NYSE.
DRD as expected the stock showing signs of a strong break to the trend
DRD is forming a pennant after breaking above the downtrend line from July 2020. I have applied the same downtrend angle to include the 2 failed breakouts. In both of the failed breakouts, the price only stayed outside the 'main' downtrend for 2 days. Currently the stock has closed outside the main downtrend for 12 days and has formed a pennant in the process....
DRD expected production for the Quarter up 45% what does that say for the stock price? oversold is the likely scenario... I am still long on this Trade.
DRD seems to have survived the sub R15 price range, showing a decent spike increase in share price. Unfortunately it wasn’t enough to take them above the downtrend and overall still on a negative trajectory. As it is resting on the downtrend line we will wait to see if it manages to break through (comfortably) signaling a change in trend or like many time before,...
Production up 45%, Consolidation almost over, i also believe that the rand will start weakening again. Expect further pullback to the closure of the gap, and maybe a bit further to the bottom of the trendline. This will be a good time to buy with maybe a short stop loss if you are into that kind of trading. Stochastics are almost all on oversold levels.
The DRD dive continues, managing to break R15.00 support like is quite concerning at this point as the overall downtrend resistance still stands. R15 was a major support as some can argue this is where the rally started before for DRD. Gold hopefuls can see this as a good buy in point but by the way things look, it seems the downtrend will continue for most gold stocks.
RSI shows that the share is overpriced and not in line with the Gold price. Due for market reaction.
Gold spot rate is at lows recovering slightly, DRD is testing strong support line (pink) at 1410, RSI suggests that the share is oversold, Buy opportunity.
On Daily chart a Hammer formed on Friday Nov 20th. TRADE OBSERVATION (Short term - warning it is countertrend) Firstly - Monday (Nov 23rd) price must trade below Friday's close < 1664 Secondly - After trading below 1664, price must trade through/above 1664 before long entry is initiated. Entry only valid once 1 & 2 materialized. Entry > 1665 Stop < 1611 i.e...
The dive continues as we see DRD share price still below the downtrend resistance and quickly approaching the R15 support line. We could possibly see a rebound at this point but big enough chances can also lead the support line to fail and we see lower lows. Bitcoin and other crypto currency’s seem to be taking an opposite reaction to gold price rally and...
Looks like there are a few things happening with DRD... Gold Price Support at $1840-$1860 seem to be holding, which would be a buy for me at these levels with a stop loss if it breaks, but DRD itself: Possible Head and shoulders Gap 1344-1444 Possible Double top to tests near gap Downward channel from Jul20/Aug20 And Stochastic oversold Not sure which direction,...