DRDGOLD Limited Stock Forecast
Red day on Friday for DRDGOLD Limited stock after losing 0.95%
(Updated on May 03, 2024)
The DRDGOLD Limited stock price fell by -0.95% on the last day (Friday, 3rd May 2024) from $1,481.00 to $1,467.00. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.23% from a day low at $1,455.00 to a day high of $1,502.00. The price has fallen in 6 of the last 10 days and is down by -10.6% 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 -319 thousand shares and in total, 655 thousand shares were bought and sold for approximately $960.59 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $1,445.71 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 17.83% during the next 3 months and, with a 90% probability hold a price between $1,703.45 and $2,137.45 at the end of this 3-month period.
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DRD.JO 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. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1,532.71 and $1,571.43. 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 12, 2024, and so far it has fallen -16.17%. 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
On the downside, the stock finds support just below today's level from accumulated volume at $1,358.00 and $1,305.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, DRDGOLD Limited finds support just below today's level at $1,358.00. If this is broken, then the next support from accumulated volume will be at $1,305.00 and $1,249.00.
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 $47.00 between high and low, or 3.23%. For the last week, the stock has had daily average volatility of 3.91%.
DRDGOLD Limited is oversold on RSI14 (19). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (DRD.JO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect DRDGOLD Limited to open at $1,474.67, and during the day (based on 14 day Average True Range), to move between $1,393.65 and $1,540.35, which gives a possible trading interval of +/-$73.35 (+/-5.00%) up or down from last closing price. If DRDGOLD Limited takes out the full calculated possible swing range there will be an estimated 10.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $1,500.00 (2.25%) than the support at $1,358.00 (7.43%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
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.
Current score: -2.842 Sell Candidate Unchanged
Predicted Opening Price for DRDGOLD Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1,474.67 ( 0.523%) | $1,467.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DRD.JO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,521.67 | 3.73 % | |
| R2 | 1,503.71 | 2.50 % | ||
| R1 | 1,492.62 | 1.75 % | ||
| Current price: | 1,467.00 | |||
| Support | S1 | 1,456.71 | -0.701 % | |
| S2 | 1,445.62 | -1.46 % | ||
| S3 | 1,427.67 | -2.68 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,750.00 | 19.29 % | |
| R2 | 1,656.00 | 12.88 % | ||
| R1 | 1,500.00 | 2.25 % | ||
| Current price | 1,467.00 | |||
| Support | S1 | 1,358.00 | -7.43% | |
| S2 | 1,305.00 | -11.04% | ||
| S3 | 1,249.00 | -14.86% |
DRD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 06, 2024 | Mar 06, 2024 | Mar 11, 2024 | $20.00 | 1.28% |
| 2 | Sep 13, 2023 | Sep 13, 2023 | Sep 13, 2023 | $65.00 | 3.79% |
| 3 | Mar 08, 2023 | Mar 08, 2023 | Mar 08, 2023 | $20.00 | 1.53% |
| 4 | Sep 21, 2022 | Sep 21, 2022 | Sep 21, 2022 | $40.00 | 4.20% |
| 5 | Mar 09, 2022 | Mar 09, 2022 | Mar 09, 2022 | $20.00 | 1.36% |
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