Courtesy of Benzinga.
GoPro Inc (NASDAQ: GPRO) has failed to keep its investors happy lately. Although the stock has gained more than 41 percent since its June 2014 IPO, it has lost more than 50 percent of its value since it hit a 52-week high of $98.47 on October 7.
Technical expert Serge Berger provided some chart-based insight on the stock. “After re-testing its August 2014 lows in early March, GPRO stock began to bounce and with last Friday's rally has overcome its 50 day simple moving average (yellow line) for the first time since last November on a daily and weekly closing basis,” he explains.
“So in contrast to February, GPRO stock how has confirmed a better low to trade against on the long side.”
Berger continued, “zooming in on the daily chart we see that Friday's rally also took the stock above a defined line of resistance that has been in place since early March and the stock now also has both its eight and twenty-one day simple moving averages moving higher. The onus is still on the bulls however to show us that this recent rally attempt is for real by giving traders some follow-through buying in coming days/weeks."
Shares of GoPro traded recently at $44.27, down 2.1 percent on the day. Shares are up more than 10 percent over the past month, but still down 30 percent year-to-date.
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