timwest

Goldcorp forming a bottom reversal pattern

Long
BATS:GG   None
2
Goldcorp (GG)
Forming a nice, little reversal pattern at the end of a long, regression-channeled decline from near 48 to just below 32. That leaves GG in need of nearly a 50% rally just to return to the high from September. That is certainly volatile. Mining companies are the vanguard of risky, volatile equities because of their many inherent risks: operational risk, commodity risk, liquidity risk, investor risk, etc.
Let's look for a close above the green-shaded zone for an entry IF it has rising volume . That is for the 2nd half of the position. The first half of the position can be entered here with a tight stop under $32.
Upside target initially $36. Upside $2.73, Downside $1.37.
Ratio: Nearly 2:1 excluding commissions.
The upside on the 2nd entry is $38 initially with the same $32 stop.
Tim 1:56PM EST Tuesday, March 12, 2013

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