Trading Options with an Edge
Select Page

Relative Strength Leader Fortinet (FTNT) Ready to Breakout

Relative Strength Leader Fortinet (FTNT) Ready to Breakout

by | Oct 12, 2021 | Chart SetUps

Fortinet (FTNT) with a nice setup and hitting the ‘ready to run’ scan mid-day with shares nested above the rising 8-EMA and under the top of monthly value. FTNT has been a relative strength name since April and the recent consolidation positions them well for another run above $322 and continuation of the bull trend. A breakout has room to $350. Both RSI and MACD have reset off of recent overbought levels and starting to turn back higher in a sign of momentum. Cowen recently raising estimates to $385 from $335 citing mid-quarter checks and optimism by broad-based product demand for its network security and cloud related solutions