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Possible Bullish Inside Day Candle Pattern Detected for Fortinet Inc (NASDAQ:FTNT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fortinet Inc (NASDAQ:FTNT) based on the price action in the company's shares. Yesterday's price range of $74.72 and $75.40 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Fortinet Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Fortinet Inc (NASDAQ:FTNT) is currently priced 20.1% above its average consensus analyst price target of $59.86. Fortinet Inc shares should first meet resistance at the 200-day moving average (MA) of $80.40 and find additional resistance at the 50-day MA of $83.22.

In the past 52 weeks, shares of Fortinet Inc have traded between a low of $61.08 and a high of $96.96 and closed yesterday at $74.95, which is 23% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

Fortinet Inc. provides network security solutions. The Company offers network security appliances, related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), web filtering, antispam, and traffic shaping.

SmarTrend recommended that its subscribers protect gains by selling shares of Fortinet Inc on May 3rd, 2019 by issuing a Downtrend alert when the shares were trading at $84.74. Since that call, shares of Fortinet Inc have fallen 12.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Fortinet Inc

Ticker(s): FTNT