We recently took a look at Fitbit $FIT as it looked like it was rounding out a bottom. We discussed a trading idea with reward to risk assessment last time.Fitbit (FIT) Daily Chart(click to enlarge)Holding Above Bottom:- Price action has so far respected the noted price bottom.- After testing the 200- and 100-day simple moving averages (SMAs), FIT was able to bounce off of them. - This is called the bullish slingshot. - If this is indeed the start of a bull swing, we can project out the previous swing, which woudl target the 8.00 area. - Just above 8.00, around 8.35 is a previous support/resistance pivot.