Investors may want to take a look at the stock price of GoPro Inc (NASDAQ:GPRO) today. It appears to be breaking out of a downtrend and could likely squeeze sharply higher in the coming days. At a current price of $9.07, it is peaking above the white trend line shown below in the chart. Assuming it closes above the white trend line (anything over $9.05), it will be a breakout. Over the next week or two, a likely short squeeze will take it to a $12 target. This trade setup is great for investors who want to be in and out quickly. Exit the trade if it ever closes the day below $8.50. This gives a great risk versus reward setup with 30%+ upside potential and only 6% downside risk.
I just sold mine a few days ago for a small tax write off loss. I'll take another look at it after the 30 days expire.
So much for GPRO, closing at $9.06 Monday Jan 9. Not convinced this has the stamina to climb higher. The short position is high -- http://finviz.com/quote.ashx?t=GPRO -- and perhaps a news rumor might turn into a short squeeze. Earnings due Feb 2 after the market close. Not for me.
