goPro .. it's time to long for a long time i think

81 5
goPro .. it's time to long for a long time i think
Comment: rebought 28.05
Comment: target almost hit
Trading on a variety of day charts, all seem to indicate, like the fundamentals show, the company has growing competition and is due for further downside. I removed it from my watch list.
wonky_tonky RonaldNewcomb
hi thanks.. i never use fundamentals.. although.; there's 21% shorts on this.. so it might bounce at some point.. for a deadcat possibly. .. i might start to think bearish on this chart.. in the future...
I must admit the wolfe pattern isnt 100% legit.. either .. but still the falling wedge might bring us our countertrend big move aka deat cat bounce.. ..
RonaldNewcomb wonky_tonky
Well, in the meantime, the small rise doesn't seem to be high enough for even a dead cat. But most of the oscillators indicate more downward movement. The simple fundamental is, this was a tech bubble stock and "profit breeds competition, excessive profit breeds ruinous competition," (referring to its run up from Aug.2014- Oct.2014) GoPro did a great job on the camera, but the company has not done well in sustaining its technology lead, and nothing they do is unique enough to have, say, utility patents, so competition worldwide is stepping into the profitable space they created, and starting to be creative and competitive in a very narrow market, ergo, prices/profits must drop. While I have no idea what that will do to set the stock price, at $90 it was a sure sell. But, again, various technical indicators mostly say, there is continuing weakness. I list stocks by fundamentals, and trade by technicals.
+1 Reply
What gives you the confidence to buy? You are suggesting to buy only if the price falls back to $27.35? I hope you get your pullback.
hi , wolfe pattern in play i think.. i bought the first green candle and sold .. looking for re-eentry above 27.35 somewhere..

but if price falls below 27.35.. i'm not so convinced of the wolfe pattern anymore.. i'll just buy the breakout .. of the falling wedge..
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