Fortinet: the wall in the 169 area holds again
Fortinet stock slips 1.4% as the double top in the 169 area rejects price once again
Fortinet: the wall in the 169 area holds again
Our view last week
Fortinet closes the week up 6.3%, the mirror image of last week's selloff: buyers retake volume control at 71%, ADX climbs to 44.1 and the rally springs right off the daily EMA20, in the 155 area, recovering 13% from the low touched in the 144 area. The picture still runs overbought though, with an indecisive last candle: the stock is hugging its all-time highs, with little room before the next resistance.
This week's summary
Fortinet stock slips 1.4% after bumping into the same wall for the second time, a double top in the 169 area: the last candle saw sellers take over 90% of the week's volume, a full reversal from the week before. Technical analysis shows money flow still positive but thinning fast, and momentum losing its drive, while ADX holds steady: the trend still holds, but the pace is shifting.
IQS Phase
57
ordinary
Signal Strength
87
high · wide move
Sizing
FULL
Ranking
#1 / 132
US stocks in progress
Trade P&L %
+85.00%
from signal to date, no stop loss
Rank position
ranks 1st among the 132 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 positive regime
Performanceweekly +7.20% · monthly +3.62%
FTNT belongs to the growth tech sector (reference ETF XLK). The sector is classified in positive regime according to our weekly reading.
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