GPRO: Proof that Charting & Price Action Analysis Works
See our original blog post published before the start of trading on 10/3: syncubate.com/blog/2014/10/2/gopro-goes-berserk
$89 seems to have been the line in the sand as a near-term resistance for GPRO on the daily chart after the breakdown in price on 10/2.
Price action analysis of the daily versus 30 min chart:
1. Notice how the stock attempted a rebound towards the $89 level on 10/2 after the early morning sell off, but was unable to close above it.
2. Again on 10/3, the stock pushed above $89 in early trading, but was unable to close above it to finish off the day and week.
The stock has had 4 straight green monthly candles since its IPO. On the weekly chart, 7 of the past 8 weeks have been green. Safe to say at this point that some consolidation is warranted going into October options expiration.
Let's see what happens. No doubt an epic run since early September.
For more market commentary and stock analyses, see our blog: syncubate.com
$89 seems to have been the line in the sand as a near-term resistance for GPRO on the daily chart after the breakdown in price on 10/2.
Price action analysis of the daily versus 30 min chart:
1. Notice how the stock attempted a rebound towards the $89 level on 10/2 after the early morning sell off, but was unable to close above it.
2. Again on 10/3, the stock pushed above $89 in early trading, but was unable to close above it to finish off the day and week.
The stock has had 4 straight green monthly candles since its IPO. On the weekly chart, 7 of the past 8 weeks have been green. Safe to say at this point that some consolidation is warranted going into October options expiration.
Let's see what happens. No doubt an epic run since early September.
For more market commentary and stock analyses, see our blog: syncubate.com
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