Financial Market Analysis
By Shawn R. Carpenter
Tuesday, January 20, 2009
Goldcorp (GG)
Following previous posts regarding the potential for Gold to outperform in 2009, Goldcorp is shaping up for a nice short term rally. In order to play this in the very short term, I am looking for the price to rise to 30.31 and 32.21 as the RSI is showing some strength. A stop/loss at 23.40 (roughly the short term trend line) would be advisable to cut risk.
In the medium term, a break of 33.54 would call for more upside. Potential targets can be set at 37.10 and 40.88.
¶ 9:17:00 PM
Following previous posts regarding the potential for Gold to outperform in 2009, Goldcorp is shaping up for a nice short term rally. In order to play this in the very short term, I am looking for the price to rise to 30.31 and 32.21 as the RSI is showing some strength. A stop/loss at 23.40 (roughly the short term trend line) would be advisable to cut risk.In the medium term, a break of 33.54 would call for more upside. Potential targets can be set at 37.10 and 40.88.
¶ 9:17:00 PM
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