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Upgrade Alert for Goldcorp (GG)

By James Quinn

Goldcorp (NYSE:GG) was upgraded from Hold to Buy at Desjardins today. The stock closed yesterday at $18.05 on volume of 8.9 million shares, below average daily volume of 9.1 million.

Goldcorp has overhead space with shares priced $18.05, or 2.6% below the average consensus analyst price target of $18.53. The stock should discover initial support at its 50-day moving average (MA) of $16.63 and subsequent support at its 200-day MA of $13.87.

In the past 52 weeks, Goldcorp share prices have been bracketed by a low of $9.46 and a high of $20.24 and closed yesterday at $18.05, 91% 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%.

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.

SmarTrend is tracking the current trend status for Goldcorp and will alert subscribers who have GG in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades Goldcorp

Ticker(s): GG