GoPro (GPRO) Stock Is Tuesday's 'Chart of the Day'

GoPro (GPRO) stock might see a resurgence, according to Chris Versace and Bob Lang.
By Rachel Graf ,

NEW YORK (TheStreet) -- Shares of GoPro  (GPRO) - Get Report are sliding 0.32% to $12.39 in early-afternoon trading on Tuesday.

The stock surged yesterday as short interest reached a five-month high of 26.9 million shares, according to MarketWatch.

Many people view high levels of short interest as a positive for stocks, as any good news could cause people who are short to buy shares to cover their bearish bets.

TheStreet's Chris Versace and Bob Lang of Trifecta Stocks have identified GoPro as the "Chart of the Day." Here is what Versace and Lang had to say about the company:

GoPro has been an avoid for more than a year, and while it is just off the all-time lows, there may be a resurgence coming.

We're not talking anything near all-time highs, which would be a pipe dream. However, we like the chart pattern here of higher highs and higher lows from the mid-May timeframe.

Monday's surge was on very strong turnover; we always like to see confirmation with another strong up day.

Resistance is ahead at the double top around $14, and the 200-day moving average at $15.88, but a probe in that area would have this chart looking very bullish.

For now, an early entry is not a bad idea with a stop at a break of the uptrend line (roughly $10.50).

- Chris Versace and Bob Lang " Chart of the Day: GoPro" originally published on 7/12/2016 on Trifecta Stocks.

Want more like this from Chris Versace and Bob Lang BEFORE your stock moves? Learn more about Trifecta Stocks now!

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

GoPro's weaknesses include its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: GPRO

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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