timwest

GG - Goldcorp oversold in downtrend

NYSE:GG   GOLDCORP INC
389 1 0
Note the distribution zone graphed on the chart from 47 to 56. This is where long term holders liquidated their shares. It may be tempting to buy shares here for a retest of the GAP around 49-51, representing a 10%-15% gain from current prices, with risk at the $43 level or 3%. I have made some cautionary comments about the company's unimpressive financial results from 2008-2009-2010 years ending in December. The amount of profit the company earns isn't impressive to me, so longer term I view this as a great shorting opportunity once this rally finishes.
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GG buy idea from $44.37 three days ago is getting close to the target, reaching over $48 today. Gold surged $50/oz to get back over $1700/oz after the European's cancelled an important bank meeting, but I would still stick with the exit strategy at $49-$51 area. Raise your stop to $47 to lock in fast profits.
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