The USD 15.7 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.

The security follows a downward trend in the short term, under the USD 18 resistance area.
The trend is bearish also in the mid-term, under USD 21.5. However, the selling pressure could soon run out of steam. Indeed, whereas the stock shows an oversold condition, the USD 15.7 support area currently tested might stop the bearish trend in the short term.

So as to make the most of a potential technical rebound of Fitbit, it seems opportune to open a long trade in the current area.
A confirmation of this pattern would enable the security to reach its 20-day moving average. Investors should not insist under USD 15.7 and are better of placing a stop loss order under this threshold.