Not the cameras – the stock! Have you noticed just how ugly it’s getting for this thing?
Today GPRO reached a new 6-month low as it undercut short-term support to continue the downtrend. What stands out the most is the downtrend line that continues to dominate the price action. Lower highs stretch back to the October peak, but since mid-November it has become routine.
Here’s a chart:
With the current breakdown in price, next support on the chart comes in around $38, last seen in mid-August and still roughly 11% away. No guarantees there, either though you can find out more. That’s because in order for price to work its way higher again, it first needs to stabilize and then show signs of accumulation. Breaking the downtrend line would only be 1 step in the right direction, and would need to be followed by higher lows and higher highs.
For now, lower highs and lower lows remain in effect, so there’s no rush to bargain hunt this one.