GoPro GPRO Boldly Breaks Resistance into Bullish Zone

Aug 8, 2016: 11:51 AM CST

We’re seeing GoPro Inc (GPRO) flash on our stock scan this morning as it’s breaking above key price resistance and the 200 day SMA.

What’s going on and what’s the possible play from here?  Let’s see!

At Afraid to Trade we look for “strong stocks getting stronger” and absolutely avoid trying to find alluring reversal points in “weak stocks in a downtrend.”

At this point, GoPro (GPRO) has proven itself with multiple bullish factors that culminated in a big breakout this morning.

Note the positive divergences, build-up in volume, and reversal into an uptrend from May to August.

We’re focusing on today’s bullish breakout above the 200 day SMA (red) and two prior price highs at the $14.00 per share level.

For swing and longer-term traders, GoPro is a buy/bullish candidate as long as it remains above the key $14.00 level.

We’ll keep watching and potentially trading this candidate into the “Open Air” beyond $14.00.

A simple upside target – into the future – would be the $20.00 level (a Round Number and prior high from January).

Either way, continue watching this stock and what happens immediately here at the $14.00 critical price point.

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Corey Rosenbloom, CMT

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1 Comment

One Response to “GoPro GPRO Boldly Breaks Resistance into Bullish Zone”

  1. Santer Says:

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