GoPro $GPRO has been bullish since April after it established the low on the year at $4.42. We can say that price has been in a rising channel. GPRO Daily Chart(click to enlarge)Key Support:- First note that price retreated from $7.60 a critical pivot area seen more clearly on the weekly chart. This was a previous support area, that turned into resistance this week.- Also note that price essentially missed the channel resistance and then fell sharply. This dynamic suggests price will break the channel support. In fact, price already cracked the support during the 10/4 session.- Also note that the channel support is also in the middle of the daily moving averages (200, 100, 50) cluster. - A break below $6.00 would clear this cluster and be the next bearish signal.- Furthermore, if the RSI falls below 40, we have more reason to believe bears are back in control. - In this bearish scenario, there is at least downside to $4.42 low on the year with $4.00 as a possible extension target. We project a new low because the prevailing trend has been bearish, and the rejection of bulls at $7.60 confirmed that the market is still bearish.- Finally, when we look at the weekly chart, we can see that price held below the 200-week SMA as well, and the RSI held under 60. - If price closes the week below $6.40, we would have a bearish engulfing candle. - These are all bearish signs, so don't be surprised if price is back around $4.00 by the end of the year. GPRO Weekly Chart(click to enlarge)