Why GoPro Will Trade Lower Until 'Capitulation'
GoPro Inc (NASDAQ: GPR) will continue to fall until it trades below the range of its initial public offering, John Carter told Benzinga on Wednesday.
GoPro went public last July at $24 a share.
Carter, who offers online training courses through his websites called Simpler Trading, Simpler Options and Simpler Real Estate, also authored the 2006 book "Mastering the Trade."
"The market is very efficient at destroying dreams," Carter told Benzinga. "Psychologically, newer traders assume the stock will go up forever, until the pain becomes too much."
Carter said he thinks GoPro "will continue going lower, shake out the last of the longs, and then, and only then, potentially start working higher."
Carter said "we're nearing a capitulation," for GoPro.
GoPro changed hands recently at $42.91, up 2.6 percent. The shares hit a high of $98.47 early last autumn.
Check out the full interview below:
Latest Ratings for GPRO
|Mar 2017||Goldman Sachs||Downgrades||Neutral||Sell|
|Mar 2017||Citigroup||Initiates Coverage On||Sell|
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