Fortinet Stock Forecast
Fortinet stock downgraded from Hold/Accumulate to Sell Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Fortinet stock price gained 1.00% on the last trading day (Wednesday, 24th Apr 2024), rising from $64.80 to $65.45. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.87% from a day low at $64.59 to a day high of $65.80. The price has been going up and down for this period, and there has been a -3.93% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 259 thousand more shares were traded than the day before. In total, 4 million shares were bought and sold for approximately $247.53 million.
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 -2.13% during the next 3 months and, with a 90% probability hold a price between $61.97 and $70.69 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
FTNT Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 3.23%. Further rise is indicated 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. The Fortinet stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $67.92. On a fall, the stock will find some support from the short-term average at $64.36. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $65.34 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.21 between high and low, or 1.87%. For the last week, the stock has had daily average volatility of 2.18%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FTNT) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Fortinet to open at $65.28, and during the day (based on 14 day Average True Range), to move between $63.60 and $67.30, which gives a possible trading interval of +/-$1.85 (+/-2.83%) up or down from last closing price. If Fortinet takes out the full calculated possible swing range there will be an estimated 5.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $65.34 (0.17%) than the resistance at $66.45 (1.53%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Fortinet will release earnings AMC on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.380. We will update the financials statements for Fortinet, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.38% in the first trading day after earnings release.
Is Fortinet stock A Buy?
Fortinet holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.779 Sell Candidate Downgraded
Predicted Opening Price for Fortinet of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $65.28 ( 0.260%) | $65.45 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 66.49 | 1.59 % | |
| R2 | 66.03 | 0.88 % | ||
| R1 | 65.74 | 0.446 % | ||
| Current price: | 65.45 | |||
| Support | S1 | 64.82 | -0.97 % | |
| S2 | 64.53 | -1.40 % | ||
| S3 | 64.07 | -2.11 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 71.32 | 8.97 % | |
| R2 | 70.03 | 7.00 % | ||
| R1 | 66.45 | 1.53 % | ||
| Current price | 65.45 | |||
| Support | S1 | 65.34 | -0.168% | |
| S2 | 64.49 | -1.47% | ||
| S3 | 63.40 | -3.13% |
FAQ
Click here for our free guide on how to buy Fortinet Stock.
