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Relative Strength Cyber Security Name Forms High Tight Bull Flag

by | Dec 5, 2024

Fortinet (FTNT) shares of the cyber security name are staying wildly strong near highs and the recent bull flag formed since earnings last month has coiled up under the 100 round number as it looks to breakout above that mark for a leg higher that could target 105-110 into year end. FTNT is in one of the strongest sectors of the market currently with software leading the upside and should continue based on options flows that saw 500 June $90 puts sold to open for $7.75 as well as a recent buyer of 900 Jan. 2026 $130 calls buy $8.20 in a stock replacement.

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