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

By David Diaz

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 $4.02 and $4.05 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-Cl A has overhead space with shares priced $4.06, or 23.2% below the average consensus analyst price target of $5.29. The stock should run into initial resistance at its 50-day moving average (MA) of $5.22 and subsequent resistance at its 200-day MA of $5.63.

Over the past year, Gopro Inc-Cl A has traded in a range of $3.91 to $7.64 and closed yesterday at $4.06, 4% above that low. The 200-day and 50-day moving averages have moved 0.65% lower and 2.25% lower over the past week, respectively.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Gopro Inc-Cl A on June 7th, 2019 by issuing a Downtrend alert when the shares were trading at $5.89. Since that call, shares of Gopro Inc-Cl A have fallen 31.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): GPRO