Goldcorp’s falling wedge is resolving (NYSE:GG)
Goldcorp Inc. ($GG) is continuing it’s move to the upside on heavy volume today. GG was last at $23.35 on a volume of 5,846,260 shares putting the gold producer on track to trade at about double the daily volume average today.Shares have been in a downtrend throughout 2013 and started off 2014 by resolving a a falling wedge pattern. Technical traders view a falling wedge as a bullish reversal pattern when it’s found in a down trending chart. Technicians will look for a retest of the key 200 day moving average which is currently 12% above the current share price at $26.17. The expectation would be for the downtrend to continue at that point, making the $26 price level a key inflection point to watch for shares in the near term.
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Goldcorp, Inc., is a gold producer. The Company operates, explores, develops, and acquires precious metal properties in Canada, the United States, Mexico, and Central and South America.
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Hi Josh,
Starting to accumulate some solid miners in my 401k acct. This is the first one i put
in–Nice to hear it caught your eye. Miners have a llooongg way to go, but they have to start somewhere,
GDX trying to get going—again–lol–s/t possibilities, long term, much work to do.
Enjoy the weekend,
Mike
Hi Mike,
Yes, I’m exposed via BVN, AG, PAAS, and RGLD… you’ll want to watch them closely as many are approaching the 200 day SMA from below, the pattern has been to sell off as they test the 200 day (as they are in a downtrend), of course there’s always hope that “this will be the time” they break through, I’d just watch them closely as the approach some hefty resistance. Best of luck, I’ll cover them some more when they test the next key resistance / support level.
Josh