Is Major Move Coming For Goldcorp Inc. After This Gap Down?

 Is Major Move Coming For Goldcorp Inc. After This Gap Down?

The stock of Goldcorp Inc. (TSE:G) gapped down by $0.32 today and has $18.24 target or 7.00% below today’s $19.61 share price. The 8 months technical chart setup indicates high risk for the $16.54B company. The gap down was reported on Nov, 7 by Barchart.com. If the $18.24 price target is reached, the company will be worth $1.16 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 1.09M shares traded hands. Goldcorp Inc. (TSE:G) has declined 2.05% since April 1, 2016 and is downtrending. It has underperformed by 4.01% 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 $33.50 average target is 70.83% above today’s ($19.61) stock price. Goldcorp Inc. has been the topic of 16 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The firm earned “Underperform” rating on Tuesday, October 25 by RBC Capital Markets. The rating was upgraded by Canaccord Genuity on Monday, October 24 to “Buy”. The stock has “Buy” rating given by Mackie on Tuesday, August 4. The stock of Goldcorp Inc. (TSE:G) has “Buy” rating given on Wednesday, December 16 by Sidoti. RBC Capital Markets maintained Goldcorp Inc. (TSE:G) rating on Thursday, February 4. RBC Capital Markets has “Sector Perform” rating and $19.50 price target. RBC Capital Markets maintained the stock with “Sector Perform” rating in Monday, October 26 report. The firm has “Sector Perform” rating given on Thursday, February 25 by RBC Capital Markets. JP Morgan initiated Goldcorp Inc. (TSE:G) on Thursday, February 4 with “Overweight” rating. The company was maintained on Thursday, September 3 by Barrington Research. TD Securities maintained Goldcorp Inc. (TSE:G) rating on Friday, July 22. TD Securities has “Hold” rating and $23 price target.

Another recent and important Goldcorp Inc. (TSE:G) news was published by Fool.ca which published an article titled: “Gold Back Above US$1300: Should You Buy Goldcorp Inc.?” on November 02, 2016.

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 $16.54 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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