GPRO update 4/22/2015: is the bottom in!?

GRPO has been in an uptrend since last week and continues to grind higher. It found support at $37, which is also where it found support in July last year. The weekly A.I. has been in a buy, and the weekly MACD is getting close to a buy. Price now needs to get over $49/$50 (20w SMA, and previous R in June/July last year) to target the Pivot at $63 and the upper BB, now at $66 and falling. Text continues below chart

GPRO update 4222015b

The daily chart looks good was well, with price finding support today once again at the lower ascending trendline of the uptrend channel it has been in since the $37 price low was hit on March 10. In fact, price bounced so hard back today that it’s now at the upper Bollinger Band, and the BBs look like they’re starting to expand. That’s a bullish sign. However, the bulls do need to take out $47 with conviction first,before setting aim for the $49/$50 level. So we’ll have to take it one step at the time. But things have looked good for the GPRO bulls since the March 10 low and a 25% price increase. Price closed today at it’s highest level since February 27! Earnings are next Tuesday April 28. Let’s see what that brings us!?!

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GPRO update 4222015

 

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