Market Overview

GoPro Inc (NASDAQ:GPRO) Shares Going To The Moon?

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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

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Trading Ideas

 

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