I am prepping another FTNT trade leading into earnings. As we hit the top range of the gap and fell a wedge forms. A purple momentum trend needs to be retaken. This candle looks to be an inside day as well, during this generally bullish long-term trend I think we are more likely to continue to go up than down.
-I am eyeing June 80$ calls here
-I might enter...
Fortinet Inc. (Ticker: FTNT) has made headlines by introducing significant updates to its cybersecurity offerings. This move signals a strategic push towards consolidating its position within the cybersecurity domain. The company is pioneering a novel approach with the development of the comprehensive cybersecurity operating system, FortiOS. This system aims to...
NASDAQ:FTNT is a good example of a stock that had a big gap down that immediately filled due to falling below its fundamental level and a Dark Pool Buy Zone.
This and the sideways trading range developing on the long-term trend creates strong support for weathering any sympathy moves from other cybersecurity stocks that have been over-speculated.
Sideways...
FTNT gap closure is impending as MAG7 stocks overheat. Finding value in the markets is going to be pretty hard going forward. FTNT was one of the few largely undervalued tech plays. I have closed out my call position but plan on holding my spot position long-term in my long account.
-I expect volatility as we approach 74$
-A retest of 81$ this year to new all-time-highs
Thankfully I exited my March FTNT calls on that huge pump because I had a feeling the pump wouldnt last. Palo Alto has taken cybersecurity down pretty hard this week. FTNT presents another gap within the previous gap from august. I added a box to display the full gap zone and how the stock has fallen almost all the way back to where we started.
The smaller box is...
If you have been following me for a while I played both FTNT and RTX gaps fairly well and am very thankful for those trades and the patience. I started layering into FTNT just below 60$ spot recently as I decided I was willing to hold it long term. I have a bag of march 15th 70$ calls that I will most likely sell entirety of tomorrow. Its hard not to sell calls...
FTNT pushes against the fib and consolidates on a wedge just below. This is during a bottom in stochastic, expansion here should result in an upside break. For those who have been following this is also a GAP trade which helps push these back up if there is some demand for the stock. I highlighted the GAP that is a 33% move, you just have to be patient here.
Reasons for bullish bias:
- Price making HH HL
- Price crossing 63.44 would be another confirmation
- Testing resistance zone
Entry Level: 63.44
Stop Loss Level: 57.39
Take Profit Level 1: 69.49
Take Profit Level 2: 75.54
Take Profit Level 3: 80.69
FTNT is attempting to break through the start of the GAP, I am heavily positioned in feb-June calls at various strikes. The upside here is tremendous, I have been adding spot as well leading up to this moment, lets see how it plays out. The golden fib is a very important momentum indicator, if this breaks the entire gap may be filled in a matter of weeks.
If you have followed along we played the first gap pretty nicely on FTNT. The supertrend has flipped bullish here and we have volume and RSI. The stock is a few dollars from the start of the larger gap which is a 22% price movement. 3-6 month calls is my preference, I am debating on the strike price but will definitely go for a high open interest setup that will...
FTNT next gap play is looking to be heating up with the bullish CPI print. MY first target remains 55.32$. The stock is finally testing the 20SMA and divergence on RSI is breaking which is the buy signal imo. An important fib level was also just tested right at the 20sMA as well. I added a local demand for context. I am still in my call setup and looking to ride...
FTNT is call setup I have for a hopeful bounce back to the 55 UPCOM:ISH region. Bullish divergence is resumed in general and after 3 massive gaps in a row the stock is pretty beat up. I do not hold this long term I would rather RTX as a defense play although they are different areas.
FTNT just got annihilated on earnings, the stock is simply overvalued and does not see enough earnings. I am playing this spot only, options are pretty tough to trade on this heavily manipulated stock. This reminds me of the RTX manipulation congress and friends handled into the war.
With RSI rising and price falling we have clear bullish divergence. FTNT is taking another attempt at the medium term resistance of the teal line. The candles are also flirting with the 20SMA which is needed to confirm a bullish posture. This narrowing volatility should oscillate back to a wide pattern if RSI continues. My call setups are for 65$ ish. 59$ is first...
FTNT GAP trade is in effect for me, I swung this last upswing past the green line. With tech rallying and security/defense/cybersecurity trending with war situation FTNT should get caught up in the hype. The wedge is concluding and RSI has been trending downward. For a call setup Dec 15th or Jan 65$ is my pick.
Again, the upside is many multiples of the downside. These GAPs are huge, and the stock is attempting to take short-term support. A small bullish divergence is noted as well.
