Fri 16'th Nov 2018
Fortinet Stock Analysis
Technical stock analysis for Fri 16'th Nov 2018
|Cash||1 251.3 mill|
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.
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.
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.
Relative Strength Index (RSI)
RSI14 is 43 and the stock is currently not being overbought or oversold
Support & Resistance
Fortinet finds support from accumulated volume at $73.34.
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.)
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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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