Fri 16'th Nov 2018

PERIOD 2018-08-17 - 2018-11-16
CHANGE 0.96%
PRICE $73.45
VOLUME
Buy
TREND
Sell

MV LONG
Sell

MV SHORT
Sell

PIVOT
Buy

MACD
Sell
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Fortinet Stock Analysis

Technical stock analysis for Fri 16'th Nov 2018

Hold candidate since 2018-11-16
Shorts n/a
Cash 1 251.3 mill
Loans n/a
Beta 0.88
ROA 4.68

Fortinet gained 0.96% in the last trading day, rising from $72.75 to $73.45 The price has fallen in 6 of the last 10 days , but is still up by 1.23% over the past 2 weeks. Volume has increased in the last day along with the price, which is a positive technical sign, and, in total, 0.24 million more shares were traded than the day before. In total, 1.96 million shares bought and sold for approximately $144.09 million.

Trend

Fortinet lies in the lower of a wide and falling trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at $71.27 will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -8.57% during the next 3 months and, with 90% probability hold a price between $65.17 and $80.38 at the end of this period.

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Signals

A buy signal was issued from a pivot bottom point on Thursday November 15, 2018, which indicates further gains until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Fortinet holds sales signals from both short- and long-term moving averages. In addition, there is a general sales 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 $74.20 and $80.21. A break-up above any of these levels will issue buy signals.

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A buy signal from a double bottom formation was found on Thursday November 15, 2018 and based on theory for this formation the price should go up by 6.96% to $79.52 within 9 trading days since signal was issued (Thursday November 29, 2018).

Relative Strength Index (RSI)

RSI14 is 43 and the stock is currently not being overbought or oversold

Access full RSI 14 and RSI 21 lists

Support & Resistance

Fortinet finds support from accumulated volume at $73.34.

Support: $73.34 Price: $73.45 Resistance: $77.12

Risk

This stock may move much during a 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 $2.13 between high and low, or 2.98%. For the last week, the stock has had a daily average volatility of 3.05%.

Our recommended stoploss: $68.79 (-6.34%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from pivot bottom found 1 days ago.)

Overall risk:

Very Low Low Medium High Very High

Evaluation

Fortinet holds several negative signals and this should give a sell recommendation, but due to the general chance for a turnaround situation we recommend to hold or accumulate whilst awaiting for further development. We have upgraded our recommendation for this stock since last evaluation from a Strong Sell Candidate to a Hold/Accumulate.

FTNT $73.45 $0.70(0.96%)
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