Could Goldcorp Inc. See a Reversal After Having a Gap Up Today?

 Could Goldcorp Inc. See a Reversal After Having a Gap Up Today?

The stock of Goldcorp Inc. (TSE:G) gapped up by $0.22 today and has $34.05 target or 63.00% above today’s $20.89 share price. The 9 months technical chart setup indicates low risk for the $18.26B company. The gap was reported on Nov, 1 by Barchart.com. If the $34.05 price target is reached, the company will be worth $11.50 billion more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 1.84 million shares traded hands. Goldcorp Inc. (TSE:G) has declined 2.02% since March 28, 2016 and is downtrending. It has underperformed by 5.03% the S&P500.

Goldcorp Inc. (TSE:G) Ratings Coverage

Out of 7 analysts covering Goldcorp Inc. (TSE:G), 5 rate it a “Buy”, 1 “Sell”, while 1 “Hold”. This means 71% are positive. $78.0 is the highest target while $19.50 is the lowest. The $34.10 average target is 63.24% above today’s ($20.89) stock price. Goldcorp Inc. has been the topic of 15 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The rating was initiated by JP Morgan with “Overweight” on Thursday, February 4. The rating was upgraded by Canaccord Genuity on Monday, October 24 to “Buy”. RBC Capital Markets maintained Goldcorp Inc. (TSE:G) on Tuesday, October 25 with “Underperform” rating. The rating was upgraded by Mackie to “Buy” on Tuesday, August 4. The firm has “Sector Perform” rating by RBC Capital Markets given on Thursday, February 25. The stock of Goldcorp Inc. (TSE:G) has “Sector Perform” rating given on Monday, October 26 by RBC Capital Markets. Barrington Research maintained Goldcorp Inc. (TSE:G) rating on Thursday, September 3. Barrington Research has “Outperform” rating and $78.0 price target. The firm earned “Buy” rating on Wednesday, December 16 by Sidoti. RBC Capital Markets maintained the stock with “Sector Perform” rating in Thursday, February 4 report. On Friday, July 22 the stock rating was maintained by TD Securities with “Hold”.

Goldcorp Inc. is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The company has a market cap of $18.26 billion. The Firm is engaged in the sale of gold, silver, lead, zinc and copper. It currently has negative earnings. The Company’s divisions include Red Lake Gold Mines Ontario Partnership , Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo).

G.TO Company Profile

Goldcorp Inc., incorporated on December 1, 2006, is a gold producer engaged in the operation, exploration, development and acquisition of precious metal properties in Canada, the United States, Mexico, and Central and South America. The Firm is engaged in the sale of gold, silver, lead, zinc and copper. The Company’s principal producing mining properties consist of the Red Lake, Porcupine, Musselwhite and Eleonore gold mines in Canada; the Penasquito gold/silver/lead/zinc mine and the Los Filos gold mine in Mexico; the Marlin gold/silver mine in Guatemala; the Cerro Negro gold/silver mine and the Alumbrera gold/copper mine in Argentina, and the Pueblo Viejo gold/silver/copper mine in the Dominican Republic. The Company’s divisions include Red Lake Gold Mines Ontario Partnership (Red Lake), Goldcorp Canada Ltd./Goldcorp Inc. (Porcupine), Musselwhite, Les Mines Opinaca Ltee (Eleonore), Minera Penasquito S.A. de C.V. and Camino Rojo S.A. de C.V. (Penasquito), Desarrollos Mineros San Luis S.A. de C.V. (Los Filos), Montana Exploradora de Guatemala S.A. (Marlin), Oroplata S.A. (Cerro Negro), Corredor SpA (Project Corridor), Minera Alumbrera Limited (Alumbrera), El Morro and Pueblo Viejo Dominicana Corporation (Pueblo Viejo).

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