GG just triple bottomed on the $17 support level. A tight stop just under $17 makes this a low-risk, high-reward scenario.
Rob Mcewen started Goldcorp (GG). He took the mkt cap from 50M to 30B. This is his new company. He owns 110M in stock. He has ZERO salary. He is the most on CEO out there. ZERO DEBT. They own one of the largest copper deposits in the world, with 20B pounds. Monetized, this will bring 400M. The mkt cap will triple.... and thus will the stock price
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A move up through $1434 (green horizontal line) could take us to $1570, $1790, $1920, and beyond...
There's not much to say about this chart, it's pretty straightforward. A few points to think about: 1) Trendline > 12 years 2) Trendline wasn't breached during the Crash of '08 3) U.S. Dollar continues to deteriorate (In real life)
This is just a tentative path that GG could follow based on Fibonacci extensions and retracments on a larger time frame. This is just for educational purpose, and meant to see where GG could be a year from now provided the pattern plays out.
With the gold miners stocks tend to have a very volatile behavior. They correlate with the equities market as well as physical gold. Hence they tend to gap up and down. That's just its personality. Looking at the long term view, it still looks bullish and the inverse head and shoulder is still intact. Possible morning star reversal forming if it if gaps up...