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GPRO Giving Up the Ghost

업데이트됨

It's not every day that you see a well known company in this much trouble. GPRO has one last major support left; if this breaks there will be a massive dump. 7.90 is a major support so there is no guarantee that it will break, but I believe the risk to reward is worth it. I'm expecting a small bounce to play out so the entry will be right below the 20MA. If this plays out than I should see some gains even if the major support holds. Lastly, I'm going to play this using Put Options in order to limit potential loses and maximize gains.

Happy trading,
Charles

노트

I picked up a couple Put Options today when GPRO rejected from 8.20. There is momentum to the downside, and the hourly RSI is well away from being oversold. It also looks like SPY and the Tech Sector may be in for some consolidation. I believe the next couple days will have the best odds of a breakdown. If GPRO is able to hold 7.90 than we will have a recent triple bottom and I'm going to close my position.

노트

That was a well timed market dump. A close below 7.90 would be great.

노트

Moment of truth. If we don't get the flush on this test of support than I am going to take profit on all or most of my puts before time decay becomes a serious factor.

It's been a great play so far, just need the icing.

노트

GPRO last line of defense is 7.60. But I'm taking profit on my Put Options here. I'm going to watch for a bounce at this level and then reload with some fresh options.

노트

My bad. 7.15 is technically the last line of defense, but it doesn't matter at the moment. Even if it breaks down here, I believe taking profit and looking for re-entry was the right play. I always like to lock in gains and possibly miss some of the move than risk my profits trying to get a little more.

노트

Payday!!!!

Trade Closed.

Happy Trading,
Charles