If you’ve been following my posts for @seeitmarket and the world of GoPro ($GPRO) you’ll find a great study in the application of technical analysis and price patterns. From its post-IPO highs and a call for a top, to its recent decline to what may be a GoPro stock bottom.
From the time I highlighted the potential for a steep post-IPO decline in GoPro stock, the price patterns have done a great job of calling the “swings” – here is a sampling of my work on GoPro. And those swings back and forth have come during a decline to what appears to be a GoPro stock bottom.
More recently, I spent time over a couple of posts showing why GoPro stock could fall under $10 per share. Well, GoPro hit $9.01, and for all practical purposes, it appears that my price target zone for a BUY has essentially been hit (i.e. we may finally have a GoPro stock bottom). As we’ll show here – the TIME zone for that to happen was very synchronized.
You can do the work yourself but through my experience I believe that “price” and “time” are the same thing. What do I mean by that?
Well, ONLY when there is a balance of PRICE and TIME will there be a trend change.
In this case, from the date of the IPO on 06/26/2014 we went up, essentially 69.85 points in 69-70 trading days. PRICE and TIME were balanced – and a top was made.
In the case of the low, we simply had to convert the calendar days from high to low (485) into weeks (485/7 = 69.3) and we balanced PRICE and TIME and, most importantly, it all came together at our targeted price level.
In my opinion, a tradable low has been made.
GoPro Stock Chart – GPRO
Thanks for reading.
Further reading from Bart: “Cisco Looks Ready To Outperform In Months Ahead“
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.