The charts of Fitbit (Fitbit Inc.) appear to be shaping up (pun intended). FIT was mentioned as a potential bottoming play on Wednesday after they reported earnings. The stock could run up to any or all of these resistance levels (unadjusted price targets) on a breakout above this bullish falling wedge pattern, confirmed with positive divergences (daily chart):
FIT daily Feb 22nd
Zooming down to the 60-minute time frame, it appears that a break over the 6.20 level could spark a rally up tot the 7.00-7.15 area (13-16%). Also note that the downtrend line/wedge on the daily is likely to come into play as resistance so best to wait until that is cleared before taking a full position.
FIT 60-min Feb 24th
FIT will be added as an official Long Trade Setup with an entry to be triggered on a break above 6.20. The current price targets are T1 at 6.95 & T2 at 8.26 with the possibility of additional price targets, depending on how the charts play out going forward. The suggested stop will be any move below 5.67 (or higher, if only targeting T1). The suggested beta-adjustment for this trade is 0.75.