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Fitbit (FIT) Retreats to a Key Support After a Rounded Bottom

Recently, we noted that Fitbit $FIT appeared to be making a recovery after a rounded bottom. Since then FIT has retreated to a key support that is challenging the rounded bottom.

FIT Daily Chart

(click to enlarge)

Key Support:
- After retreating from around 7 to 6, price is now testing the price bottom scenario.
- Here, we see the cluster of 200- and 100-day simple moving averages (SMAs). It is also a previous resistance.
- If the market indeed turned bullish, it should hold above 6.00.
- Also, the RSI retreated from above 70 to 40. If the bullish momentum from August-September is to be maintained, the RSI should hold above 40 for the most part. 
- If so, there is upside towards 9.50-10, and 11.80.