• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Goldcorp (NYSE:GG)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Goldcorp (NYSE:GG) based on the price action in the company's shares. Today's price range of $17.77 and $18.03 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Goldcorp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Goldcorp, Inc. is a North American gold producer. The Company has gold mining operations in the United States, Canada, Mexico, Brazil, Argentina, and Australia. Goldcorp owns the Red Lake mine in Ontario.

Over the past year, Goldcorp has traded in a range of $9.46 to $20.24 and is now at $17.92, 89% above that low. The 200-day and 50-day moving averages have moved 0.70% higher and 1.72% higher over the past week, respectively.

Goldcorp has overhead space with shares priced $17.92, or 3.3% below the average consensus analyst price target of $18.53. The stock should find initial support at its 50-day moving average (MA) of $16.63 and further support at its 200-day MA of $13.87.

SmarTrend is monitoring the recent change of momentum in Goldcorp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Goldcorp in search of a potential trend change.

Keywords: bullish inside day candle Goldcorp

Ticker(s): GG