We’ve been watching GoPro’s stock (NASDAQ:GPRO) for a long time. In fact, we’ve made a lot of calls on GoPro (GPRO).
Below is a sampling of some of our calls and analysis, followed by an update.
We called for a top back in 2014 when it was closing in on $100/share:
“Geometry tells us that 98 will be formidable resistance and that a pullback should occur in and around this area.”
Then we called for singled digits when it was trading at $40/share:
It certainly looks like the lows around $36/$37 are going to break to the downside. If/When this happens, we should roll into the $27-$29 area. That “should” be pretty strong support … if we lose that level, then look for a move all the way down into the single digits.
More recently, we called for a move down to $4-$8:
If the current pattern completes, I expect a GPRO bottom to come in around $7, with a GPRO bottom “range” around $4 to $8.
So Where Is GoPro (GPRO) Now? And why is $8 an important support level?
The long term price target of roughly $4 is still out there and the stock is sure trading heavy. We looked for the BUY zone to be in/around 4-8 and if the daily pattern (chart further below) fails to find support at $8, then perhaps a move to $4 is in the cards.
Both the weekly and daily charts are shown below.
GoPro (GPRO) Weekly Chart
GoPro (GPRO) Daily Chart
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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.