GoPro has been consolidating in 2016 after a bearish year in 2015. In the daily chart, we can see that the market essentially found support in the 8.60-9.00 area three times since early 2016. GoPro Daily chart 1/18(click to enlarge)Consolidating at Support:- As the daily chart shows, GPRO is consolidating above that 8.60 support, with resistance at 9.60. - When we go down to the 1H chart, we can see some evidence within this consolidation that GPRO is ready for a rebound.GoPro 1H Chart 1/18(click to enlarge)Sling-Shot:- For the most part, GPRO has been trading sideways since mid-December.- However, since the new year, price seem have to anchored above 9.00.- After price pushed above the 200-, 100-, and 50-hour simple moving averages (SMAs), it held above these SMAs. - The bounce off of the SMAs is called a slingshot and is a bullish signal.- Due to the structure of price action, I would anticipate a bullish break above 9.60. - In this bullish scenario, 11.00 is a conservative target. 12.00 is also a viable target that is within the neutral-bearish mode of GPRO since 2016. - The 14.00 handle would be an aggressive target within the neutral-bearish mode. - At the moment 9.20 is a critical short-term pivot. If price can't hold above 9.20, the market might lose confidence on the bullish outlook.- 9.00 is another critical support for the bullish outlook. A break below might open up the bearish outlook.