Thursday, October 18, 2012

#Goldcorp - $GG

After quite the impulsive move up off the 32 level Goldcorp - ticker $GG - has stopped to catch its breath and is sporting quite the nice looking flag formation. We could violate the lower bound of the channel to se up a small double bottom inside the channel. Need to see that low of Oct 15 hold.

As an aside the larger double bottom off $32 with a midpoint of $41 carries a target of $50 on it. This flag if broken to the upside carries a target of, depending on breakout of $61, which if you peek at a longer term chart would make new highs. Very bullish longer term!

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