I’ve spent a lot of time looking at GoPro (GPRO) over the past year. And I’ve forecast several turing points for trading swings with pretty darn good precision (just search gopro on the site). In my most recent post on GPRO stock, I highlighted why GoPro could fall under 30 per share. In fact, I showed a key target support area of $27-$29 per share.
Well, if you’ve been following GPRO stock, then you probably saw that it hit that target area last week. In fact, the lows were $27.07.
The stock finished the week at $29.08. The recent lows offer traders a pretty good risk-reward level to trade against.
ALSO READ: GoPro Stock (GPRO): Deep Decline Tests Patience by Andy Nyquist
As I mentioned previously, the math tells me that we don’t want to see the recent lows fail. In short, a rally could should climb back up into the former support around $36-$37. However, if GPRO stock price loses the most recent lows, then a move back to single digits could very well happen. click chart to enlarge
GoPro (GPRO) Stock Chart – Daily
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Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.