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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish 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 $5.12 and $5.25 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. Traders and investors interested in shares of Gopro Inc-Cl A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 1.8% exists for Gopro Inc-Cl A, based on a current level of $5.19 and analysts' average consensus price target of $5.29. The stock should find initial resistance at its 200-day moving average (MA) of $5.90 and further resistance at its 50-day MA of $6.08.

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 share prices have moved between a 52-week high of $8.77 and a 52-week low of $4.42 and closed yesterday at 17% above that low price at $5.19 per share. The 200-day and 50-day moving averages have moved 0.1% lower and 1.2% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Gopro Inc-Cl A on October 26th, 2018 by issuing a Downtrend alert when the shares were trading at $6.02. Since that call, shares of Gopro Inc-Cl A have fallen 11.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): GPRO