DRDGOLD Limited Stock Forecast
Evaluation of DRDGOLD Limited stock downgraded after the last trading session.
(Updated on Apr 23, 2024)
The DRDGOLD Limited stock price fell by -0.253% on the last day (Tuesday, 23rd Apr 2024) from $7.91 to $7.89. During the last trading day the stock fluctuated 3.34% from a day low at $7.77 to a day high of $8.03. The price has fallen in 6 of the last 10 days and is down by -10.75% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -350 thousand shares and in total, 287 thousand shares were bought and sold for approximately $2.26 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 17.02% during the next 3 months and, with a 90% probability hold a price between $8.68 and $10.68 at the end of this 3-month period.
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DRD Signals & Forecast
There are few to no technical positive signals at the moment. The DRDGOLD Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.30 and $8.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -11.05%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for DRDGOLD Limited stock
DRDGOLD Limited finds support from accumulated volume at $7.86 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.260 between high and low, or 3.34%. For the last week, the stock has had daily average volatility of 2.94%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRD) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect DRDGOLD Limited to open at $7.90, and during the day (based on 14 day Average True Range), to move between $7.51 and $8.27, which gives a possible trading interval of +/-$0.385 (+/-4.88%) up or down from last closing price. If DRDGOLD Limited takes out the full calculated possible swing range there will be an estimated 9.75% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.86 (0.38%) than the resistance at $8.02 (1.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is DRDGOLD Limited stock A Buy?
The DRDGOLD Limited stock holds several negative signals and despite the positive trend, we believe DRDGOLD Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.117 Strong Sell Candidate Downgraded
Predicted Opening Price for DRDGOLD Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $7.90 ( 0.0841%) | $7.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.16 | 3.38 % | |
| R2 | 8.06 | 2.12 % | ||
| R1 | 8.00 | 1.34 % | ||
| Current price: | 7.89 | |||
| Support | S1 | 7.80 | -1.17 % | |
| S2 | 7.74 | -1.95 % | ||
| S3 | 7.64 | -3.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.45 | 7.10 % | |
| R2 | 8.38 | 6.21 % | ||
| R1 | 8.02 | 1.65 % | ||
| Current price | 7.89 | |||
| Support | S1 | 7.86 | -0.380% | |
| S2 | 7.75 | -1.77% | ||
| S3 | 6.90 | -12.55% |
DRD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Mar 07, 2024 | Mar 21, 2024 | $0.106 | 1.33% |
| 2 | Aug 25, 2023 | Sep 14, 2023 | Sep 28, 2023 | $0.346 | 4.14% |
| 3 | Feb 15, 2023 | Mar 09, 2023 | Mar 23, 2023 | $0.111 | 1.22% |
| 4 | Aug 26, 2022 | Sep 22, 2022 | Oct 06, 2022 | $0.238 | 4.18% |
| 5 | Feb 17, 2022 | Mar 10, 2022 | Mar 24, 2022 | $0.133 | 1.35% |
FAQ
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