GoPro is showing weakness below key resistance levels

The chart tells a story and the story unfolds bar by bar.
UPDATE: This market has not responded to the weakness in bars 13 and 14. It has pushed higher above 50 showing signs of an accumulation process taking place. Take a look at this analysis for more details:
Bar 12 could be a succesfull test to see if there are any suppliers left to stop the movement from the Smart money? :)
Thank you for your comment!
Bar 12 is a No Supply/Shakeout. Even though the next bar is up, I would not consider it a successful test because the following bar (bar 13) is gaped up and it has a lot of weakness.
The two down bars between bar 13 and bar 14 look more like a test of the demand that entered the market in bar 5. However, they have not been confirmed. I would not look for longs until the price shows lack of supply above 50. There is a lot of activity around the price levels of bar 1 and 3. Therefore, those levels need to be taken out before confirming that there is accumulation taking place and expecting a strong move to the up side. Note that the price is still inside a long term down trend channel. It also has to be broken before expecting a major up move.
Emann1994 TheShakeOut
Thanks for your reply! What material did you read to gather this information? Im currently reading Tom williams and VSA :)
I think you can call this an accumulation phase. Look at the volume on your #3. And we are back in a old high volume area where traders were locked in. and with much less volume.
That is great. The understanding and the experience Tom has about the markets is unique. I have read Tom Williams, Gavin Holmes and Wyckoff. Their books are amazing and help you have a complete understanding of market behavior. If you are studying VSA learn it from them. They are just the best.

About this chart, bars 1 and 3 definitely have hidden buying, however, I would like to see the 50 price level taken out and successfully tested before identifying the accumulation area. At the moment, the market could be in the beginning of the accumulation process and it could still make new lows.

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