GPRO may have finally found a bottom
Updated
Despite all the bad news and sentiment surrounding GPRO, I think it may have found a bottom here. We can see that with each major bottom over the past couple of years, it has created bull divs. At the curent floor of 3.5, there appears to be a decent amount of demand as shown by wicks on the weekly chart. We can assume that as long as there is hope for this company, 3.5 seems to serve as a base. Assuming they can turn the business around, I believe all it will take is one good earnings call to send this stock to the apparent horizontal resistance above $7. I think the 200 daily MA is providing a de facto first line resistance, currently at 4.5. Everyone knows people using and buying GPRO products, so obviously it's still a very real company with real products. As long as they can get themselves into profit and over this hump, we can expect much, much higher upside.
Note
Selling pressure has returned to markets as a whole. GPRO may see another dip, even possibly below 3.5, but I still stick to my overall idea.
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