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GPRO Unofficial Trade Idea Update

GPRO (GoPro Inc) was posted as an unofficial trade idea in the trading room (Gold members can click here to view) about 5 weeks ago following the breakout above the 60-minute bullish falling wedge pattern below. Also mentioned at that time was the longer-term potential for this stock should it go on to breakout above the larger, much more significant bullish falling wedge pattern on the daily time frame, which went on to do back on April 11th with that breakout confirmed with an impulsive move higher as well as sharp volume expansion on the breakout, something that I prefer to see on long-side breakouts (1.5x or better the average trading volume).

The stock is currently trading about 13% above where it was highlighted in that trading room post above. The stock has also recently snapped back up into the large multi-year basing pattern following a brief stint trading below it which may have been a final flush-out, capitulation selloff. Still too early to call a bottom in this one with any high degree of confidence so I'm going to leave it as an unofficial* trade for the time being but figured that it was worth passing along for those currently in the trade or interested in a possible long position. The previous 60-minute chart from that trading room post along with the updated 60-minute & daily charts are shown above.

*An unofficial trade is one in which price targets & suggested stops may or may not be listed, nor are follow-up posts always made on all unofficial trades such as with the official trade in which follow-up posts are made if/when each price target and/or the suggested stop is hit, as well as any notable technical developments to those trades such as another objective entry on a pullback to support, etc..

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Apr 26, 2017 1:39pm|Categories: Unofficial Long Ideas|Tags: |0 Comments

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