Record confirmed, money flow still negative
Fortinet gains 7.6% and this time the weekly close confirms the all-time high
Our view last week
Fortinet gains 4.3% and prints a new all-time high in the 183 area, yet the weekly close stays below the old record: the new high is unconfirmed. What changed from 7 days ago is the weekly MACD, back above its Signal line after 4 weeks, while RSI climbs to 74. Money flow has improved for 3 weeks and is still negative. Our technical analysis of Fortinet stock, one of the US tech stocks with weekly buy signals still running, tracks a swing trading position up 109.7% since entry.
This week's summary
Fortinet gains 7.6% and this time closes above its old record: the all-time high that went unconfirmed 7 days ago is now confirmed by the weekly close. It is the 4th straight weekly gain, with ADX rising and RSI at 78. Yet Fortinet stock is climbing on contracting volumes and money flow that has been negative for 8 weeks. Our technical analysis tracks one of the weekly buy signals still running among US tech stocks, up 125.7% since entry, with earnings due on October 28.
IQS Phase
65
in tension
Signal Strength
87
high · wide move
Sizing
FULL
Ranking
#1 / 92
US stocks in progress
Trade P&L %
+125.69%
from signal to date, no stop loss
Fortinet (FTNT) weekly chart — EMA50 · MACD · VWAP
Weekly chart · EMA50 · MACD · VWAP · Source: TradingView
Rank position
ranks 1st among the 92 Longs already running for US stocks in our ranking, with a signal strength of 87 out of 100.
Sector context
SectorGrowth Tech
Benchmark ETFXLK
Sector regimein strong phase
Performanceweekly -0.52% · monthly +5.81%
FTNT belongs to the growth tech sector (reference ETF XLK). The sector is classified in strong phase according to our weekly reading.
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