“IF” $GPRO can get back above $20 is a huge buy!

Posted on Friday December 18, 2015

Look, I have no clue if this is the bottom or not, but I am at a level here, where I know my risk from a technical perspective.

If we use the March Lows and the August highs we are trading Just below the 161.8 Fib Retrace. Trading Just below is great because if it can regain that level the bears will have to cover and this thing could pop and pop fast. The short interest is 31%.

We only own this thing above 20. So if you buy it at 21 on the way up, you have $1 of risk.

As Far as a target? Who knows, but if we flip the Fib over, the 38.2 is at 35 and the 50% is at ~$40. Not bad IMO. Look, this thing may get to 21 and roll back over, but you know your risk and that is the most important part of trading.

On the shorter term time frame, We are forming what looks to me like a Diamond reversal formation. Now I say Reversal. Diamonds can really go either way, but A break above those highs is a buy and again, the risk is defined!

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