Fortinet (FTNT) has rallied sharply so far this year, but will the gains continue? Let's review the charts and indicators.
In this daily bar chart of FTNT, below, I can see that prices made a low in November and then a retest in January before starting a rally. Prices gapped higher in February and have kept climbing. FTNT trades above the rising 50-day moving average line and above the rising 200-day line. The On-Balance-Volume (OBV) line shows a rise from early January, but the indicator has made twin highs in April and May. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line, but has been correcting lower since February.
In this weekly Japanese candlestick chart of FTNT, below, I see the past three years of price history. Prices made a strong advance in 2021 and then corrected in 2022 into 2023. Now prices are back in an uptrend and trade above the rising 40-week moving average line. The weekly OBV line is pointed up and the MACD oscillator is bullish.
In this daily Point and Figure chart of FTNT, below, I can see a potential upside price target in the $91 area.
In this weekly Point and Figure chart of FTNT, below, I can see the same price target as seen on the daily Point and Figure chart -- $91.
Bottom line strategy: FTNT could trade sideways for several days or weeks before the uptrend resumes. Be a patient buyer.
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