Cybersecurity solutions firm Fortinet (FTNT) was downgraded Friday by a sell-side firm. The last time we looked at FTNT was way back in July 2019 so we really need to look at some up-to-date charts and indicators.
In the daily bar chart of FTNT, below, we can see that the shares have been making lower highs from late December. FTNT made a lower low into late January but so far that low has held. Prices are trading above the 50-day and the 200-day moving average lines but that could change if weakness in the broad market continues.
The On-Balance-Volume (OBV) line has moved in a choppy sideways fashion since December. The trend-following Moving Average Convergence Divergence (MACD) oscillator has also moved in a choppy fashion but overall in a decline from early August.