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* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
AI Analysis of FTNT
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Stronger technical forecast for Fortinet stock price after Friday trading.
(Updated on Jun 14, 2024)

Hold candidate since Jun 14, 2024 PDF

The Fortinet stock price gained 0.91% on the last trading day (Friday, 14th Jun 2024), rising from $60.23 to $60.78. During the last trading day the stock fluctuated 1.26% from a day low at $60.13 to a day high of $60.89. The price has been going up and down for this period, and there has been a 2.46% gain for the last 2 weeks. Volume fell on the last day by -371 thousand shares and in total, 3 million shares were bought and sold for approximately $194.58 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

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 -15.30% during the next 3 months and, with a 90% probability hold a price between $47.47 and $52.71 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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FTNT Signals & Forecast

The Fortinet stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $60.13 and $60.53. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 4.79%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Fortinet stock

Fortinet finds support from accumulated volume at $59.43 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 $0.757 between high and low, or 1.26%. For the last week the stock has had daily average volatility of 2.28%.

Our recommended stop-loss: $57.52 (-5.37%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 18 days ago.)

Trading Expectations (FTNT) For The Upcoming Trading Day Of Monday 17th

For the upcoming trading day on Monday, 17th we expect Fortinet to open at $60.60, and during the day (based on 14 day Average True Range), to move between $59.30 and $62.26, which gives a possible trading interval of +/-$1.48 (+/-2.43%) up or down from last closing price. If Fortinet takes out the full calculated possible swing range there will be an estimated 4.86% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $59.43 (2.22%) than the resistance at $65.20 (7.27%), 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 stock A Buy?

Fortinet 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: 0.777 Hold/Accumulate Upgraded

Predicted Opening Price for Fortinet of Monday, June 17, 2024

Fair opening price June 17, 2024 Current price
$60.60 ( 0.294%) $60.78

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for FTNT

Fibonacci Support & Resistance Levels

Level Price
R3 61.36 0.95%
R2 61.07 0.475%
R1 60.89 0.181%
Price 60.78
S1 60.31 -0.770%
S2 60.13 -1.06%
S3 59.84 -1.54%

Accumulated Volume Support & Resistance Levels

Level Price
R3 71.32 17.34%
R2 66.72 9.77%
R1 65.20 7.27%
Price 60.78
S1 59.43 -2.22%
S2 59.32 -2.40%
S3 58.88 -3.13%

FAQ

What is the symbol for Fortinet Stock and on which exchange is it traded?
The symbol for Fortinet is FTNT and it is traded on the NASDAQ (NASDAQ Stock Exchange).

Should I buy or sell Fortinet Stock?
Fortinet 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.

How to buy Fortinet Stock?
Fortinet Stock can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy Fortinet Stock.

What's the current price of Fortinet Stock?
As of the end of day on the Jun 14, 2024, the price of an Fortinet (FTNT) share was $60.78.

What is the 52-week high and low for Fortinet Stock?
The 52-week high for Fortinet Stock is $81.23 and the 52-week low is $44.15.

What is the market capitalization of Fortinet Stock?
As of the Jun 14, 2024, the market capitalization of Fortinet is 46.432B.

When is the next earnings date for Fortinet?
The upcoming earnings date for Fortinet is Aug 01, 2024.
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About Fortinet

Fortinet Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration. The company also provides ... FTNT Profile

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