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Possible Bearish Inside Day Candle Pattern Detected for Fitbit Inc - A (NYSE:FIT)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Fitbit Inc - A (NYSE:FIT) based on the price action in the company's shares. Today's price range of $4.99 and $5.10 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Fitbit Inc - A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Fitbit Inc - A share prices have been bracketed by a low of $4.23 and a high of $7.79 and are now at $5.03, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.6%.

Fitbit Inc - A (NYSE:FIT) has potential upside of 17.1% based on a current price of $5.03 and analysts' consensus price target of $5.88. Fitbit Inc - A shares should first meet resistance at the 200-day moving average (MA) of $5.65 and find additional resistance at the 50-day MA of $5.77.

Fitbit, Inc. manufactures wireless-enabled and wearable fitness devices. The Company produces products that measure data such as the number of steps walked, quality of sleep, calories burned, and other personalized metrics. Fitbit offers products that utilize accelerometers to assist in sensing user movement.

SmarTrend is monitoring the recent change of momentum in Fitbit Inc - A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fitbit Inc - A in search of a potential trend change.

Keywords: bearish inside day candle fitbit inc - a

Ticker(s): FIT