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GoPro (GPRO) is about to test a key trendline support

We can say that GoPro (GPRO) has turned it around in 2016. In 2015 it was trading at a high of about 65.00 before retreating all the way to 8.60 in 2016. But since this low, GPRO appears to have gotten some traction, and completed a price bottom after pushing above 14.30. 

GPRO Daily Chart 10/13

(click to enlarge)

Bullish reversal:
- There was support basically around 9.00, and even though price dipped to 8.60 in May, we can say that there was a double bottom going on around these levels.
- When price broke above 14.30, GPRO completed a price bottom (not exactly a traditional double bottom, but still a price bottom).
- Price broke above the moving average cluster and then bounced of of it as support. This is a classic bullish slingshot signal.
- Furthermore, the RSI was able to push above 70 to show bullish momentum. And on the way down, it has held above 40 for the most part, which reflects maintenance of this new bullish momentum.

Bearish correction, key trendline:
- Price retreated sharply tagging 17.65. 
- While the bullish trend is still intact, the last 5 straight bearish daily candles are a sign that the bullish trend has been over-extended
- We might see some choppy consolidation at this point.
- Still, if price starts to stall around 14.00 and respects the bullish trendline coming up from the 8.60 low, then the market might regain confidence of the bullish outlook. 
- I think for the bullish outlook to remain a strong case, price will have to at least stay above 13.00. A break below the trendline followed by a break below 13.00 on the other hand, spells trouble ahead and opens up the bearish scenario towards another pivot at 11.00, and possibly even back to 9.00.