Very red day for Fortinet stock price after -5.36% fall in Friday trading session
(Updated on Jan 21, 2022)
Sell candidate since 2022-01-14 Loss -7.64% PDF
The Fortinet stock price fell by -5.36% on the last day (Friday, 21st Jan 2022) from $304.99 to $288.65. and has now fallen 5 days in a row. During the day the stock fluctuated 5.60% from a day low at $288.25 to a day high of $304.41. The price has fallen in 7 of the last 10 days and is down by -8.07% for this period. Volume has increased on the last day by 896 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $562.00 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $284.49 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -3.87% during the next 3 months and, with a 90% probability hold a price between $273.48 and $349.36 at the end of this 3-month period.
Signals & Forecast
There are few to no technical positive signals at the moment. The Fortinet 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 $307.21 and $326.01. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, January 10, 2022, and so far it has fallen -11.11%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $16.16 between high and low, or 5.60%. For the last week, the stock has had a daily average volatility of 4.73%.
Fortinet is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.
Is Fortinet stock A Buy?
Fortinet holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.259Sell Candidate Unchanged
Insiders are negative selling more shares than they are buying in Fortinet
In the last 100 trades there were 33.08 thousand shares bought and 61.09 thousand shares sold. The last trade was done 22 days ago by Ducourty Kelly who sold 244 shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Predicted Opening Price for Fortinet of Monday, January 24, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price January 24, 2022||Current price|
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On Jan 18, 2022 "Mizuho" gave "$335.00 - $325.00" rating for FTNT. The price target was changed from $306.39 to 2.0%.
FTNT Insider Trading
|Dec 31, 2021||Sell||244||Ducourty Kelly||Restricted Stock Units|
|Dec 31, 2021||Buy||244||Ducourty Kelly||Common Stock|
|Dec 31, 2021||Sell||244||Goldman Kenneth A||Restricted Stock Units|
|Dec 31, 2021||Buy||244||Goldman Kenneth A||Common Stock|
|Dec 31, 2021||Sell||244||Hsieh Ming||Restricted Stock Units|
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