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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 $105.54 and $107.69 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. 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.

Over the past year, Fortinet Inc has traded in a range of $68.87 to $121.48 and closed yesterday at $106.22, 54% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.2%.

Based on a current price of $106.22, Fortinet Inc is currently 43.6% above its average consensus analyst price target of $59.86. The stock should hit resistance at its 50-day moving average (MA) of $113.83, as well as support at its 200-day MA of $91.15.

SmarTrend is monitoring the recent change of momentum in Fortinet Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Fortinet Inc in search of a potential trend change.

Keywords: bullish am inside day candle Fortinet Inc

Ticker(s): FTNT