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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Fortinet (NASDAQ:FTNT) based on the price action in the company's shares. Today's price range of $30.20 and $30.51 is within yesterday'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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Fortinet share prices have been bracketed by a low of $23.16 and a high of $50.31 and are now at $30.42, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.5%.

Fortinet has overhead space with shares priced $30.42, or 36.8% below the average consensus analyst price target of $48.13. Fortinet shares should encounter resistance at the 200-day moving average (MA) of $35.03 and support at the 50-day MA of $29.79.

Fortinet Inc. provides network security solutions. The Company offers network security appliances and 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 subscribers consider buying shares of Fortinet on February 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $27.58. Since that recommendation, shares of Fortinet have risen 8.7%. We continue to monitor FTNT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle fortinet

Ticker(s): FTNT