GPRO has traded quite nicely and quite predictable as it's a very technical following stock. I've been watching for a while now as GPRO is rippening. It's almost time to pick it. So starting on the weekly we do have a confirmed weekly MACD crossover, which is confirming what I'm seeing on the daily. On the daily we're diverging while staying in this slightly broadening wedge. A very predictable and self fullfilling type of pattern. Once we break this is a home run long and I also expect the 8/21 ema to cross over showing bullish momentum at the same time. Last time we crossed over was at the $60 mark then we sold off heavily. The first target is $30 where some resistance is, key fib level, and 200 ema. Then ultimately $37 where a huge resistance wall is, completion of the wedge and possibly where this major trendline is. The break should occur around $14 and a stop below $9.90 should be sufficient. This trade is offering close to 6:1 if the final target is hit.
Note
At this point $13.50 would trigger a buy, since it would be a break out of previous resistance and the channel we're in.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.