GPRO pushes through Tuesday's high
GoPro Inc. (GPRO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GPRO finished Wednesday at 4.03 gaining $0.14 (3.6%) on high volume, significantly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 4.01, the share confirmed its breakout through the prior session high after trading up to $0.14 above it intraday.
Daily Candlestick Chart (GPRO as at Sep 16, 2020):
Wednesday's trading range has been $0.25 (6.38%), that's above the last trading month's daily average range of $0.18. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GPRO.
After spiking up to 4.15 during the day, the market found resistance at the 200-day moving average at 4.08. The last time this happened on May 15th, GPRO actually gained 2.62% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might speed up should prices move below the nearby swing low at 3.86 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for GoPro. Out of 106 times, GPRO closed lower 54.72% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.77% with an average market move of -1.61%.