Fortinet, Inc. Stock Forecast
Fortinet, Inc. stock upgraded from Sell Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Fortinet, Inc. stock price gained 1.65% on the last trading day (Tuesday, 25th Jun 2024), rising from 58.01 лв to 58.97 лв. During the last trading day the stock fluctuated 1.83% from a day low at 57.94 лв to a day high of 59.00 лв. The price has fallen in 5 of the last 10 days and is down by -1.34% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 643 more shares were traded than the day before. In total, 4 thousand shares were bought and sold for approximately 258.47 лв thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -14.91% during the next 3 months and, with a 90% probability hold a price between 47.99 лв and 52.80 лв at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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0IR9.L Signals & Forecast
There are mixed signals in the stock today. The Fortinet, Inc. stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at 59.53 лв and 59.74 лв. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Friday, June 21, 2024, and so far it has risen 1.65%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Fortinet, Inc. has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Fortinet, Inc. stock
Fortinet, Inc. finds support from accumulated volume at 58.63 лв and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved 1.06 лв between high and low, or 1.83%. For the last week the stock has had daily average volatility of 1.84%.
Our recommended stop-loss: 56.14 лв (-4.80%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 55 days ago.)
Trading Expectations (0IR9.L) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Fortinet, Inc. to open at 58.64 лв, and during the day (based on 14 day Average True Range), to move between 57.65 лв and 60.29 лв, which gives a possible trading interval of +/-1.32 лв (+/-2.24%) up or down from last closing price. If Fortinet, Inc. takes out the full calculated possible swing range there will be an estimated 4.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 58.63 лв (0.58%) than the resistance at 63.99 лв (8.51%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Fortinet, Inc. stock A Buy?
Fortinet, Inc. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.923 Hold/Accumulate Upgraded
Predicted Opening Price for Fortinet, Inc. of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| 58.64 лв ( 0.565%) | 58.97 лв |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 0IR9.L
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 59.70 | 1.23% |
| R2 | 59.29 | 0.546% |
| R1 | 59.04 | 0.121% |
| Price | 58.97 | |
| S1 | 58.23 | -1.25% |
| S2 | 57.98 | -1.68% |
| S3 | 57.58 | -2.36% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 68.40 | 15.99% |
| R2 | 64.63 | 9.60% |
| R1 | 63.99 | 8.51% |
| Price | 58.97 | |
| S1 | 58.63 | -0.577% |
| S2 | 58.17 | -1.36% |
| S3 | 58.06 | -1.54% |
0IR9 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 15, 2022 | Mar 15, 2022 | Mar 15, 2022 | 0.285 лв | 0.102% |
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