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GPRO: Annihilated

Monthly time frame:

  • GPRO has been annihilated. From the October top it has lost 91% of its value
  • Price has formed a channel
  • Lets see if the current small range body ends the month with a hammer, which would open the door to a rebound
  • Key price levels are: R1 = 20.50 (January peak); R2 (IPO opening price), R3 = 37.13 (March 2015 low)

GPRO Monthly Chart
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Weekly time frame:

  • If a rebound is in the cards GPRO must reclaim the 10 wma = 13.78 (Since October 2015 GPRO has not been able to achieve a weekly print above it)

GPRO Weekly Chart
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Daily time frame:

  • Here we have a potential reversal pattern (Head & Shoulder)
  • If the H&S plays out the measured target is located at the last earnings gap fill (24% upside)
  • The Bollinger Bands are pinched, which usually is an omen of a large move in price
  • If a larger rebound is underway GPRO must establish a sequence of higher highs/lows from the February 4 lod. Above 11.75 there is white space until the gap fill. Hence if it breaks with authority the neckline maybe the measured target is doable

GPRO Daily Chart
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  • Daily oscillators are aligned with a potential rebound: The RSI has breached the trend line resistance from the August 2015 peak and the MACD with a positive divergence has a new bullish signal cross

GPRO Daily Momentum Chart
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