Similarly, GPRO's share price has shown renewed signs of life. On Friday, the share price advanced 1.5 sen to 9 sen on high trading volumes. The strong move has resulted in the share price not only breaking out of the
21-day upper Bollinger band, but also the 100-day SMA. Additionally, the MACD indicator has just crossed above the zero line, which reflects a shift of the momentum from bearish to bullish. Overall, the technical picture suggests that GPRO's half year long consolidation phase may have come to an end, and should this ring true, the share price could potentially make its way towards 11 sen and possibly the 23.6% Fibonacci Retracement level at 12.5 sen next. Traders looking to buy into the stock should place a stop-loss just below the recent low of 6.5 sen.
Source: Kenanga
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