Shares of GoPro Inc (NASDAQ:GPRO) are moving up nicely to the tune of around 7% today. The camera and accessories/social media company, is up today as a brokerage firm has initiated coverage on it. GoPro Inc (NASDAQ:GPRO) has been on a tear ever since its stock began trading in the open markets back on June 26. This equity is up well over 100% from its low of $28.65 on opening day, giving investors and traders an amazing return in less than 3 months! So with this tremendous run up, one might think its time to take profits and they would not be wrong, as it would be the prudent thing to do. However, as a technical trader who looks at charts for a living, I think there actually could be some more upside to come. On the chart below I have used symmetry as a basis for calculating a target for GpPro stock. And I am coming up with $71.15 as the area where this equity could go. I have also used a proprietary calculation (which has uncanny accuracy) and it is giving me a reading of roughly the same level. So while I am not advocating a long trade here, I am giving traders/investors an area where this stock could be headed and potentially shorted. Keep this level and chart on your radar in the coming days and weeks to profit from.
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Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader
If you only read one email again, make sure it comes from the Elite Round Table. Our FREE market emails contain information that can actually make you money. Ask yourself, what email have you read that can do that? Answer = none. Join our list here.
Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader
