Hi Traders :)
I am placing a short position NASDAQ:FTNT for the following ;
1- A bullish Bar (2D timeframe)
2- Momentum divergence between W3 & W5
3- I can count 5 waves
Loss stop is 97$
Best of luck :)))
This is a stock which we really missed out on, it is a cloud and fixed cyber security specialist which is at the epicenter of growth and spending. The stock has created a lovely base and is now breaking out with a minimum 10% upside in our opinion, we are long as of today and will hold for long term upside with $93 as our stop loss level.
I have been looking for another tech stock outside of the semiconductor space, and I believe I've found it with Fortinet. They had a solid earnings surprise at the end of February and after a choppy, volatile couple of months, they appear to be rallying again with the recent market tailwinds. The price is hitting the top Bollinger Band, MACD just crossed in the...
Fortinet has been moving impulsively higher in a five-wave sequence since 2016. Looking at the daily chart on the left, we can see what appears to be an extended Wave 3 that broke higher out of a parallel base channel. After topping out around $94 in October, FTNT pulled back and found support on the topside of the channel - a common support area for Wave 4...
a little bit of buying pressure has come back as i write this but my prediction is that it continues to fall through december and get closer to the .5 - .618 zone
previous cycles needed more time for the indicators to show oversold, and I predict the same thing will play out here
sorry for the grammer, my fingers are cold