Shares of wearable fitness device maker Fitbit (FIT - Get Report) continued their decline Tuesday, falling more than 6% to a session low of $12.97. The shares closed Tuesday at $13.01, down 5.9%.

If you've been following my recommended trades and have sold your Fitbit shares, be prepared to get back in.

Based on Tuesday's closing price, Fitbit share are now down 11% since I suggested taking profits at $14.57 on May 24. I wrote then, "The chart suggests that Fitbit stock could retest support at $13.52 and possibly $12 per share in the near future." That advice followed a buy recommendation that could have delivered as much as 8% gains.

Fitbit shares are now back below their key support benchmarks: the 20-day, 50-day and 100-day moving averages. The stock tested support at $13.52, but it failed.

Although the shares closed 4 cents higher than Tuesday's session low of $12.97, it's still possible that the stock could fall to $12, almost 8% lower.

Take a look at the chart, courtesy of TradingView.

You can see from the chart above that Fitbit stock still appears broken. Shares are trading in bearish territory, or more than 20% below its 52-week high. In fact, the stock is 75% below its 52-week high of $51.90. There's also still a gap of 18.8% that stands out like a sore thumb on the charts, amounting to a 31% difference from current levels.

The more pressing issue is how the stock will trade at its support level at around $13 (the black line). If it can't hold, $12 becomes the next target. If the stock breaks above $13.50, there's a chance it could retest resistance at $14 (the blue line). While this seems like a small move in dollar terms, it will amounts to an almost 8% gain. And it would get the stock back to its 20-day average.

If you don't yet own Fitbit stock and are waiting for an entry point, don't rush to buy it yet. Your time will come.

Wait for the stock to break back above $13.50 or $14. Buying in now may get you stuck. However, if you own the shares, average down at around $12 and bet that the bulk of the sellers have left.

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