As you see here on this 15-minute chart, we are approaching a major trendline. On the daily chart we are about to cross up, the RSI is slowly increasing and is currently approaching the 50 level. As you can see on the last bar of the 15-minute candle, we had a major push in volume. If we gap above the trendline on Monday, I would look for us to retest this level...
Thankfully I sold my calls on this when they were up a few hundred %, didnt get to hit price targets as tech stocks corrected. Head and shoulders forming nonetheless.
My colleague pointed this one out fundamentally right after the irrational sell-off. I entered an October call setup at a favorable level and have watched the slow uptrend. Exit prices marked in green for first sell and the horizontal blue above.
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...
FTNT (Fortinet, Inc.) has been performing well since November 2022, with a breakout in February 2023. Currently, it’s retesting the breakout level, which aligns with an upward trend line from November. There’s also a support area at 54.57 due to a daily gap . If FTNT holds its current level, it could target 74, in line with a gap above.
FTNT was pointed out by MoC as the top cybersecurity play in the market. This stock has sold off at irrational levels even after strong earnings. Looking for call setups into Oct-Jan.
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...
🔹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 |...
- 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,...
- 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...
Fortinet's GAAP profit margins are higher than peers.
Margins remain in line with the prior year.
Fortinet reported a good quarter that saw revenue grow 29% and operating margin around 25%.
Although there is a cup-handle formation in the graphic, the targets are determined according to Fibonacci. Let's look for at least two closures above 53.90.
under most MAs testing 50
big high vol reversal 6 days ago, followed by a mild bounce and faded.
bad earning drop with no reason bounce with market.
RISK:
CRWD earning today, risky
![FTNT: FTNT - Rising Trend Channel [MID TERM]](https://s3.tradingview.com/h/hpnp1rBA_mid.png "FTNT - Rising Trend Channel [MID TERM]")
