FTNT is waving the flag! – February 28, 2025
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Fortinet ( NASDAQ: FTNT ).
Fortinet ( NASDAQ: FTNT ) is holding up relatively well considering SPY ( NYSEARCA: SPY ) and the Q’s ( NASDAQ: QQQ ) are both under their 50-day moving average. FTNT ( NASDAQ: FTNT ) is above the 50-day moving average, and today found support in and around its 21-day EMA.
In the near term, I can see some support on Fortinet ( NASDAQ: FTNT ) right around 105.00. I see a bit of a downward-sloping trendline here, where we have what seems to be a small flag formation. Fortinet ( NASDAQ: FTNT ) is waving the flag, and to get into a stock like this.
What I need to see is some positive price action, bringing it above some of these previous highs, like this level at around 111.30. This is how this stock has traded historically. We see earnings back here in November, a big move up on earnings, and then a pullback to the moving averages.
It printed a bit of a flag pattern and then resolved to the upside, just like that. I’m wondering, will Fortinet ( NASDAQ: FTNT ) do this thing again? Does it play out the same way it did before? For that to happen we’re going to see this get above and stay above 111.30 and do it on volume. That would be my trigger for a trade here on FTNT ( NASDAQ: FTNT ).
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