Cybersecurity firm Fortinet (FTNT) was upgraded Thursday by TheStreet's Quant Ratings service. Let's see how the charts are looking.
In this daily bar chart of FTNT, below, I can see that prices gapped higher in early February and then rallied to the top end of a large sideways consolidation pattern. The top end of this pattern is the $64 area and the bottom end is the $46 area. Prices have pushed above the $64 level in recent days. FTNT trades above the rising 50-day moving average line and above the rising 200-day line. A bullish golden cross of these two lagging indicators can be seen in early March.
The daily On-Balance-Volume (OBV) has been strong and confirms the price action. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In this weekly Japanese candlestick chart of FTNT, below, I see a bullish picture. Prices are moving up nicely above the rising 40-week moving average line. The candles are not showing upper shadows so we know that traders are not rejecting the highs.
The OBV line shows renewed strength the past three months. The MACD oscillator is in a bullish alignment above the zero line.
In this daily Point and Figure chart of FTNT, below, I see a potential upside price target in the $79 area.
In this weekly Point and Figure chart of FTNT, below, I can see a price target in the $86 area.
Bottom line strategy: Traders could probe the long side of FTNT at current levels. Risk to $60. The $79 area is my first price objective.
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