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. This breakout and pennant formation has come after the stock tested the $10 level which was stiff resistance before a fast move higher back in June 2020.
Conclusion: DRD has turned $10 resistance into support, has broken the July downtrend and denied prior failed breakouts by holding above the downtrend for > 2 days and forming a pennant in the process. I really like this price action, my opinion is DRD is currently one of the best technical situations the gold sector has to offer.
Conclusion: DRD has turned $10 resistance into support, has broken the July downtrend and denied prior failed breakouts by holding above the downtrend for > 2 days and forming a pennant in the process. I really like this price action, my opinion is DRD is currently one of the best technical situations the gold sector has to offer.