Shares of Fitbit (FIT) - Get Report plunged 19% on Thursday, closing at $13.88 after the wearable fitness device maker issued second-quarter guidance that spooked investors about possible slowing growth.

It didn't matter that the company actually beat on both the top and bottom lines for the first quarter.

On Friday, the stock is taking yet another beating, falling by about 5% to $13.09 in midmorning trading. That's a 24% drop in two days, based mainly on guidance for the second quarter. The stock is down 55% year to date, compared with a 0.33% rise in the S&P 500 (SPX) index.

Is it possible Fitbit is underpromising for the second quarter so it can overdeliver? Could be. From a technical view, Fitbit stock may be gearing up for a near-term bounce. Take a look at the chart below, courtesy of TradingView.

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The shares are still under pressure, given Friday's session declines, but the selling will stop at some point. As you can see from the pink circle above, Fitbit stock creates an 18-point gap between Wednesday's closing price of $17.10 and Thursday's close at $13.88. At current levels, Fitbit stock is now below all three major moving averages.

The focus, however, is going to be on the 50-day moving average (pink line) of $15.13, which stands at the mid-point of the 18% gap.

The bet is that the selling pressure Fitbit stock experienced was an overreaction. The stock, which now has a more favorable risk profile, may regain its 50-day support. There are now likely fewer sellers and more buyers after the almost-25% two-day plunge.

How to execute the trade: Buy Fitbit stock between $12.50 and $13.88 per share, using $12 (solid red line) as near-term support. If it breaks below $12, exit the position with a loss and live to play again. The bet is that, within the next few weeks, the stock will regain its 50-day at $15.13 and possibly hit $16 as it attempts to fill the gap.

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