GoPro, Inc. (GPRO), manufacturer of action cameras and developer of mobile apps and video editing software, made an all-time low of $8.62 last May. On a positive note, GPRO could be bottoming out given its current chart setup.
Based on my technical analysis, there could be a 9-month inverted head and shoulders forming on the stock chart. The price actually seems to already be testing the neckline of the mentioned chart pattern. In addition, the MACD has been sailing in the bullish territory and the 50, 100 and 200-day moving averages are almost on a firing order. Anyway, a successful breakout from formation could drive the stocks all the way up to the 2-year resistance. If the 2-year resistance gets taken out, the next one could be $20.50. Then the $24.00-25.00 range after that. On the flip-side, the immediate support could be $15.85. If that marker does not hold, the next one could be 13.89 then the 5-month support.
Moreover, GoPro, being one of my current stock picks, will be releasing its quarterly earnings on October 27. If the earnings happen to be more favorable than expected, we could see some descent ascend on its stock price. GoPro Hero 5 and Karma are some of its new products which could help boost its sales by the end of the year. However, if the earnings turn out to be unsatisfactory, a stock price drop would not be surprising.