GoPro (GPRO) came under pressure last week as a lower high formed and the stock gapped down. Even though the Nasdaq 100 moved higher the last two days, GPRO moved lower and formed three black (filled) candlesticks. With the decline and gap over the last two days, the stock broke flag support and this targets a move to the 63-65 area. Chartists can use the gap to mark resistance at 80.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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