Reference Points for Goldcorp

Published on Monday, 04 June 2012 07:20 Written by TradersHuddle Wire

New York, June 4th (TradersHuddle.com) - Goldcorp, Inc. (NYSE:GG) closed the trading day at $39.40, near its 50 day moving average that is set at $39.25. Goldcorp's price action is just above this important support level, providing a trading opportunity.

Goldcorp, Inc. (NYSE:GG) is a North American gold producer. The Company has gold mining operations in the United States, Canada, Mexico, Brazil, Argentina, and Australia. The company is headquartered in Vancouver, Canada.

The peaks and troughs algorithm shows calculated support at $35.19 and calculated resistance at $38.37. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Goldcorp should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.