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Fitbit Stuck In Narrow 11-Day Trading Range

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Fitbit Inc (NYSE: FIT) shares are unchanged at $5.58 in Wednesday's session. The issue was lower by $0.19 ($5.77 to $5.58) in Tuesday's session after Yahoo reported the company's new smartwatch would be delayed due to production mishaps.

One day after making its all-time low on March 27 at $5.31, the stock has been in a narrow $0.47 trading range. The top of the range is defined by the trio of highs just under $6.00 from March 29, 30 and 31 from $5.93 to $5.98.

The bottom of the trading range has been defined by multiple lows at the $5.50 area. In fact, three of its last four lows (including today) have been either $5.49 or $5.50, which stands as the current low.

The top of the range has been coming down, which now has a double top in place from Monday and Tuesday at $5.79.

Posted-In: Technicals Intraday Update Movers Trading Ideas


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