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

By David Diaz

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 $102.50 and $104.59 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.

In the past 52 weeks, Fortinet Inc share prices have been bracketed by a low of $68.87 and a high of $121.48 and closed yesterday at $104.31, 51% above that low price. The 200-day and 50-day moving averages have moved 0.43% higher and 0.73% lower over the past week, respectively.

Fortinet Inc (NASDAQ:FTNT) defies analysts with a current price ($104.31) 42.6% above its average consensus price target of $59.86. The stock should discover initial support at its 50-day moving average (MA) of $101.69 and subsequent support at its 200-day MA of $95.23.

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 is tracking the current trend status for Fortinet Inc and will alert subscribers who have FTNT in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Fortinet Inc

Ticker(s): FTNT