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Fortinet, Inc.

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Fortinet FTNT Overreaction - What now?Slightly after earnings Fortinet Gapped down. Which are my favorite kind of stocks to trade because 9 times out of 10 Gaps close. Fortinet had many analyst reiterate Bullish price targets some up to $70. I'm looking for a retest at $60. Forecasting out to nov 2nd. The next earnings should be interesting. Williams, MACD, & RSI are all showing Oversold in this situation. This could be a solid entry for someone to start a small position. This is not financial advice. Trade Responsible, #TradeTheWave 🏄🏽‍♂️🌊
NASDAQ:FTNTLong
by FinesseTheWave
Fortinet Inc (NASDAQ:FTNT)Fortinet, Inc. provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. The stock has enjoyed a steady rise in price since February and is currently up +46.43% year to date. The recent boost in buying volume and relative strength suggests the move may not yet be over. This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.
NASDAQ:FTNTLong
by CapitalMarketsEliteGroup
1
FTNT - Rising Trend Channel [MID TERM]🔹FTNT is in a rising trend channel in the medium long term. 🔹FTNT surges after double bottom formation break through resistance at 57.16. 🔹supports at 69.50 for negative reaction. 🔹Overall assessed as technically positive for the medium long term. Chart Pattern; 🔹DT - Double Top | BEARISH | 🔴 🔹DB - Double Bottom | BULLISH | 🟢 🔹HNS - Head & Shoulder | BEARISH | 🔴 🔹REC - Rectangle | 🔵 🔹iHNS - inverse head & Shoulder | BULLISH | 🟢 Verify it first and believe later. WavePoint ❤️
NASDAQ:FTNTLong
by wavepoint99
2
FTNT - Breakout Rising Trend Channel- FTNT has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. - FTNT has met the objective at 66.36 after a break of the double bottom formation. - FTNT has support at 62.70 and resistance at 69.40. - Overall assessed as technically positive for the medium long term. *EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price *Chart Pattern: DT - Double Top | BEARISH | RED DB - Double Bottom | BULLISH | GREEN HNS - Head & Shoulder | BEARISH | RED REC - Rectangle | BLUE iHNS - inverse head & Shoulder | BULLISH | GREEN Verify it first and believe later. WavePoint ❤️
NASDAQ:FTNTLong
by wavepoint99
FTNT - Breakout Ceiling Falling Trend- FTNT has broken through the ceiling of a falling trend channel in the medium long term. - The stock has met the objective at 57 after a break of the double bottom formation. - The price has now fallen, but the formation indicates further rise. - The stock has support at 63 and resistance at 71. - The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. - Overall assessed as technically positive for the medium long term. *EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price Verify it first and believe later. WavePoint ❤️
NASDAQ:FTNTLong
by wavepoint99
FTNT Rolling LowerFortinet is a big player in cybersecurity with strong revenue growth and rapidly growing demand for its services. In the very Long-term, Fortinet should do well. However, FTNT's technicals are signaling weakness on a more medium-term basis. The last year of FTNT price action has led to a rounded top formation. One could also argue that Fortinet shows signs of a head and shoulders pattern during the aforementioned period. Fortinet as of the past 7 months is now trading in a downward channel. The recent low recorded last week of 47.5 helps to confirm the continuation of bearishness in future trading. MACD on monthly/weekly/daily all are signaling further pain. The Weekly MACD is especially bearish, currently residing at its most negative level in FTNT's history. Global market conditions are poor, and seemingly getting worse. Unfortunately, history has taught us that during periods of slowed economic activity amid monetary tightening great companies often sell off alongside their less successful peers (although not to the same degree). To conclude: FTNT is experiencing a troubling technical outlook combined with a slowing economy/beaten-down consumer, I do not believe FTNT will be able to stay at such a high valuation with a p/e of 60, despite continued high demand. In the near term, I am looking for a move to 44.3 where the 50% fib retracement level sits. Looking further out, I expect a move down to the 30.2-27.1 range which has been an area of previous strong support as well as a 78.6% fib level. From there a rebound or consolidation period for Fortinet is likely. As always this is not financial advice. Good luck!
NASDAQ:FTNTShort
by Gooby_Trades