What I like about GPRO right now is that it has not broken down yet. What I am looking for is a one last flush down with a reversal candle.
I have set up Buy Triggers.
Buy Trigger 1: I have a Buy Trigger 1 at the old support lines when the stock started trading.
When I look at Support lines I decide whether they are strong or weak support or resistance lines. As we can see from the chart we have found support on the bottom of the red channel multiple times and resistance at the upper dotted . These are strong and have a better chance to react on.
As for the old support lines back in July, those are weak support lines and could break down
We are currently right on our Channel Support lines and I am looking for a reversal candle. Coming in the coming days.
Higher Risk Buy Trigger 1 is in place to try to catch that bottom but the real buy trigger for the long term would be the Buy Trigger 2.
If we finally break out of the pattern we could break out of our and beginning to move higher