Gogo Inc

GOGO remains entrenched in a Stage 4 downtrend with lower highs and lower lows beneath falling EMAs. Medium-term bias is bearish, and price trading well below the 9-, 20-, 50-, and 200-day averages sets up sell-side opportunities on shallow rallies into those EMAs. Short-term pullbacks into the 9-20 EMA zone are likely to be rejected, reinforcing the bearish stance. Oversold readings may spur transient bounces, but resistance at declining EMAs should cap any upside. A decisive reclaim above the 9- and 20-day EMAs on heavy volume would invalidate this posture.

• ↑Military and government revenue surged 40% YoY and 20% QoQ.
• ↑Free cash flow turned positive at $21.6M on better working capital.
• ↓Q2 revenue $222.8M fell 1% YoY, below expectations.