After declining for the past twelve months, GoPro (GPRO) may now be ready to go up.
Despite the company's products seeming to gain greater acceptance, shares of GPRO have skidded to around $30 from shy of $90 this past November. Prices are making a small rounded bottom formation on this chart, above, and the On-Balance-Volume line is holding steady. Note the relatively heavy volume since early September. Heavy volume with prices holding after a downtrend is an indication that there is as much buying as there is selling, or rather, aggressive selling is being met with aggressive buying.
In this chart, above, we show the more recent price action of GPRO as a weekly candlestick chart. The real body on a weekly chart is the distance between the opening on Monday and the close on Friday. This week and last week are what chartists call a doji. A doji is a pattern where the open and close are the same or nearly the same. A doji is a reversal pattern if it is in the right location, has the right shape and has confirmation in the next time period. These doji are in the right location after a decline. They have the right shape, in my opinion. Now we just need GPRO to open higher and close higher next week.