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Possible Bearish Inside Day Candle Pattern Detected for Gopro Inc-Cl A (NASDAQ:GPRO)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Gopro Inc-Cl A (NASDAQ:GPRO) based on the price action in the company's shares. Yesterday's price range of $4.04 and $4.19 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Gopro Inc-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

GoPro, Inc. develops and manufactures wearable and gear mountable cameras along with related accessories. The Company's products are designed for use in activities ranging from action sports to professional videography. GoPro also offers mobile applications and software to enable users to edit, manage, and share their photo and video files.

Gopro Inc-Cl A has overhead space with shares priced $4.03, or 23.8% below the average consensus analyst price target of $5.29. Gopro Inc-Cl A shares should first meet resistance at the 50-day moving average (MA) of $4.25 and find additional resistance at the 200-day MA of $4.84.

In the past 52 weeks, shares of Gopro Inc-Cl A have traded between a low of $3.25 and a high of $7.64 and closed yesterday at $4.03, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 1.3%.

SmarTrend is tracking the current trend status for Gopro Inc-Cl A and will alert subscribers who have GPRO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle gopro inc-cl a

Ticker(s): GPRO