Run, don't walk to buy Fitbit (FIT) - Get Report  shares. Or you could risk paying a price of almost 10% higher. 

Shares of the wearable fitness device maker have now reached a solid buy threshold, after bouncing 8% higher from last week's 52-week low of $11.65. Although it's too early to proclaim a bottom has been reached, waiting can be costly -- something we learned last month.

Take a look at the chart, courtesy of TradingView. 

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Fitbit stock closed Friday at $12.48. Fitbit stock is still below its key support benchmarks: the 20-day, 50-day and 100-day moving averages. The chart suggests that it could retest resistance at $13.52 in the near future, for a rise of more than 8% from current levels. If you've been following my recommended trades and have moved in and out of your Fitbit shares, you're now playing with house money.

Based on Friday's closing price, Fitbit shares are still down some 76% from their 52-week high. That looks like extreme bearish territory. But we can still play the 18.8% gap that still hasn't filled from the May 4 close of $17.10 to the close on May 5 at $13.88. From current levels, this would translate to a 37% rise. 

Fitbit stock would yield a premium of 11% if the stock only reaches the starting point of the refill at $13.88. And the stock would have also broken resistance at $13.52. By then, the shares would have reclaimed their 20-day moving average (blue line) at $13.16, which would be a bullish indicator forcing those who are on the sidelines to get back in. 

How to execute the trade: Buy Fitbit stock between $12.48 and $13, using $12 -- its close on June 28 -- as near-term support. If the stock falls below $12, exit the position with a small loss and live to play again. The bet is that Fitbit shares will retest resistance at $13.52 on the way to reclaiming its 50-day average at $14.38 (yellow line), yielding 15% gains.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.