There's a great opportunity for a quick play on GPRO at the moment. I have three conditions that needed to be met in order for this to work and they have all been met. I indicated the 3 conditions using circles in my chart. They are also listed below:
(Triple-Indy's) 3 Conditions: 1.) RSI needs to be touching/very close to the "over-sold" line. 2.) MACD needs to be crossing from BELOW the x-axis. 3.) Price action needs to cross the red SMMA 7 line.
Whenever the three conditions have been met, I have seen an opportunity to make some pretty generous profits (at least 70% to the upside).
And as of today, all three conditions have been met yet again, so my "Triple-Indy" strategy has been activated. If you're going to do something, now might be the perfect time to do so.
***This is NOT financial advise, it is simply my own strategy/ideas with GPRO. Do your Due Diligence!
Aren’t you seeing this trading at the top of a downward channel more or less sitting right at resistance with macd curling down on the daily? This looks like a decent short opportunity, how do you differentiate? Thanks in advance for your feedback.
Moki2tan
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@bmesi82, Great question! I personally think that the recent price action has been in a "flag pattern". This is where the price shot up dramatically and is followed by a descending channel. Now it could very well be that the price action continues in its downtrend, but bull flags are known for heading to the upside once they have broken out of that descending channel (the "flag"). In addition to that, my triple-indicators seem to tell me that the price action is indeed going to shoot up once again.
Feel free to disagree with anything I say, I'm open to conversation and I look forward to your ideas!