Chart of the week
Date: 08/31/2009
Symbol: GG
Company Profile: Goldcorp Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and central and South America.
Sector: Basic Materials
Industry: Gold
TRADING PLAN
Entry price: above 37.50
Stop price: under 35 (34.50)
Target: 50 areas
Chart explanation: GG forming weekly triangle and next try for break up will be third try and you all know that is one of my favor pattern. Setup above 37.50 is above last week high and it is “early setup”. If we will look for book setup then it will be above $40 (previous weekly high). Because of that I will start with half risk and then I will add above $40. GG all time high is $52.85 and on the monthly chart we can see that GG have room to reach $50 area what is price and previous high resistance area. Daily action is whippy and because of that it is good only for swing trade.
Date: 08/31/2009
Symbol: GG
Company Profile: Goldcorp Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and operation of precious metal properties in Canada, the United States, Mexico, and central and South America.
Sector: Basic Materials
Industry: Gold
TRADING PLAN
Entry price: above 37.50
Stop price: under 35 (34.50)
Target: 50 areas
Chart explanation: GG forming weekly triangle and next try for break up will be third try and you all know that is one of my favor pattern. Setup above 37.50 is above last week high and it is “early setup”. If we will look for book setup then it will be above $40 (previous weekly high). Because of that I will start with half risk and then I will add above $40. GG all time high is $52.85 and on the monthly chart we can see that GG have room to reach $50 area what is price and previous high resistance area. Daily action is whippy and because of that it is good only for swing trade.
