Is it time to strap the camera on the bull? GoPro (GPRO) is breaking out. (September 23, 2014)
I want to look at GoPro ( NASDAQ:GPRO ) here, which I think you’ve got to be buying, if you’re not long already. This really fits my IPO strategy, where you look at the initial, what I call the enthusiasm high, I’m sure I could think of a better name for that, I just haven’t. Draw that line, virtually always, the stock will test that level and then fall back once, maybe more. I just rarely see a test where it just moves higher; I’m sure there is one there and you’ll probably send me a chart of that stock. But typically it will test it and fail, and then ultimately break through, which this did.
The real buy point on this was at 51.00, which wasn’t that many days ago, and I think that’s the way we were trading it in the forum for Stock Market Mentor. Anyway, that was then, this is now; we had a nice move here and then this little pullback and that was it. Now the stock is up at a new high, which means I think you can buy this. The stock’s breaking out, volume was heavier than average and that’s really what we’re looking for.
Everybody says it’s really expensive, I look at this and I see what they’re doing, but it just seems to me like it would be easy enough for Apple, Samsung, whatever, to carve into that market. But you know what? I doesn’t matter what I think, I obviously don’t get the product, I just telling you that, I obviously don’t get it and I’m okay with that , because I’m making enough money on this trade right now to buy about as many GoPro ( NASDAQ:GPRO ) Hero whatever, as I want, because the stock is moving higher.
I don’t question it, I just trade it, and right now your stop for this one is on this low from last Tuesday; the low is 63.42, so the stock should not trade back down to this level, that’s what I’ll say. If the stock starts trading below 63.42, that’s like 10 points basically, that’s a big number. If it starts trading below that then you’ve got to be careful. So far this stock is doing what good strong IPO stocks do. Whether Alibaba’s going to do that, I don’t know, I’m not really sure that I’ll still be trading when that happens. For now this thing is what’s working and I you’ve got to be on this thing; strap the camera to your head, buy some stock and then just watch the charts.
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