Shares of GoPro (GPRO) has been trading sideways throughout 2016. There were some bullish attempts, but price kept falling back down to the 8.60-9.00 support area. GPRO Daily Chart 1/6(click to enlarge)Key Support:- As we can see in the daily chart GPRO has falling to the 8.60 support that has been held in May. - We can also see that price has been consolidating above this support in December. - The bearish trend is being checked here, but it is still premature to say it is bullish.- If we want to buy when the market is not bullish, we better have strong reward to risk to make up for the weak probability of the market turning bullish - although the consolidation does help the case for a price bottom.Reward to Risk:- I think a stop will have to be below 8.60. - Let's say 8.00 is the stop.- If we enter at 9.25, then we are risking about 13.5%.- Let's say we create 3 separate positions with essentially the same size. Let's say the targets are T1: 11, T2: 12, T3:14. This scenario assumes the market is neutral-bearish, and has not turned bullish in the long-term. - The maximum profit would be 33%. (if this doesn't make sense, please comment about it, and I will break it down further)Latest News:Gopro (GPRO) is relaunching it's Karma Drone. This is the big headline at the moment. Whether price will pop to 14 or drop further to 8 could depend on whether this campaign picks up steam or flops. According to Thestreet.com, there's been a few snags: GoPro Relaunching Karma Drone as Action-Camera Sales Slow