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

By Amy Schwartz

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 $14.52 and $14.79 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 has overhead space with shares priced $14.54, or 21.6% below the average consensus analyst price target of $18.53. The stock should find resistance at its 50-day moving average (MA) of $16.63, as well as support at its 200-day MA of $13.87.

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.

In the past 52 weeks, Goldcorp share prices have been bracketed by a low of $9.46 and a high of $20.38 and are now at $14.54, 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.7%.

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