GoPro stock has been rallying for the better part of the last 3 months. After hitting oversold levels and touching down near my 36 dollar critical support level, the stock has rallied over 60 percent.
As I mentioned, GoPro (GPRO) has bounced nicely from the “36 area”. But looking at the chart below, we can see that it has now completed a measured move up (note blue arrows) and is finding technical resistance in and around 60 dollars per share. It’s been a nice and steady climb higher for GoPro stock, but if long it’s probably worth considering taking some off the table. Measured moves are powerful price target techniques and need to be respected.
Note that you can read more of my past posts on GPRO here.
GoPro (GPRO) Stock Chart click chart to enlarge
It will be important to see how GPRO reacts here. Whether it pulls back or consolidates, we’ll learn more from the forthcoming price action. Thanks for reading and remember to always trade with discipline. Have a great weekend.
No position in any of the 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.