Can I just get something out in the open about the Gopro stock decline (GPRO)?
The amount of “hate mail” I have received over this stock has been incredible. I won’t go over some of the comments but they were actually desperate calls for fundamental justifications that I simply don’t even understand. So, if you’re going to try and “fundamentalize” this stock, please don’t include me.
For me, I choose numbers. This stock is simply numbers to me (based on price). And for the greater part of its entire history the numbers have been spot on. But the bulls held on through most of the decline.
During the GoPro stock decline, we identified several turning points (trading levels) while sticking with a macro bearish view. To be fair, it has been brutal. And it’s felt worse due to the high amount of bulls that have got caught up in the fever. That said, the GoPro stock decline has taken its price closer to reasonable levels for longer term investors.
Below are links to all my posts on GoPro stock… the GoPro stock saga to read for yourself. Note that my first post called attention to its all-time highs as a top. This laid the ground for what has been a steep GoPros stock decline.
- GoPro Stock (GPRO): Set For A Pullback (October 2, 2014)
- GoPro Stock Nearing Important Price Support (December 14, 2014)
- GoPro Nearing Key Technical Support Level (March 2, 2015)
- GoPro Stock Update: GPRO Trading Into Technical Resistance (June 5, 2015)
- GoPro: Is A Decline Under $30 Coming? (September 8, 2015)
- GoPro (GPRO) Nearing A Crossroads: Why The Stock Must Rally Now (October 11, 2015)
Here’s an excerpt from my recent post in October:
“However, if GPRO stock price loses the most recent lows, then a move back to single digits could very well happen.”
It’s simply a pattern and when they fail, it’s a big deal. GoPro’s stock pattern failed and now the high single digits appear to be the price target.
Sorry, no opinions here, I just write about what I see…
And by the way, GoPro would be a great BUY down there if you can stomach it.
Below is a chart highlighting a harmonic butterfly BUY pattern within the Gopro stock decline. Note that the stock closed below its 1.618 expansion target.
Although we cannot rule out a snapback rally here, GoPro stock sure looks like it want to go lower. Only TIME will tell.
Thanks for reading.
Twitter: @BartsCharts
Author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
