Stock Chart Analysis GG

Posted by downtowntrader | 8/12/2007 05:40:00 PM | 0 comments »

Stock Chart Analysis GG

Goldcorp Inc. (USA) (Public, NYSE:GG)

Gold has been fairly stagnant recently while the mining stocks have shown strength. The past few days have shown an increase in volume for the metal with an almost 2% move on Friday. If Gold can start picking up some momentum, then Gold stocks should end their year long correction and follow the metal higher.

GG's daily chart is not all that impressive, but it does show that Goldcorp broke out of a well defined channel and that it has started to print higher highs and lows. It's quite possible that the correction was completed for GG in June.

Here is a weekly chart showing the channel more clearly.
I love when the weekly and daily chart are aligned and if Gold does indeed rally, then GG should be a pretty decent play.

Good Trading,


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