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Did $FIT Just Bottom? These Signals Say Yes

Shares of Fitbit Inc (NYSE:FIT) are rising today, one day after the stock made a new all-time low and reversed to close flat. On Thursday, Fitbit touched $5.62 before staging a rally. Today, the stock is up 3% and seeing some solid buy volume. Fitbit has been plagued with bad news of late. However, smart investors believe this might be a case of the whole kitchen sink being thrown at the market. In other words, the stock has a worst case scenario priced into and upside is the only option. Yesterday created a bottoming tail on the stock chart. This is a price reversal signal. With the upside today, it reinforces the bottoming signals. I am an interested buyer at these levels.

Investors buy shares of Fitbit Inc on bottoming chart signal