Layers of Support in Place for Fortinet Stock

The stock could soon notch a fresh one-year peak

Deputy Editor
Jun 8, 2023 at 3:58 PM
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Fortinet Inc (NASDAQ:FTNT) stock is up 2.4% at $68.66 at last check, moving back toward its recent June 5, 52-week high of $71.63. The shares could continue their path higher as well, as they've just run into two trendlines with historically bullish implications. 

Per Schaeffer's Senior Quantitative Analyst Rocky White, FTNT is trading within one standard deviation of its 40-and 50-day moving averages. There have been eight other times in the past three years when the the equity has run into its 40-day trendline, after which it was positive one month later, averaging an 11.3% return. The equity's 50-day trendline has seen five similar signals, with it being higher one month later 80% of the time to average an 8.3% gain. A similar move of either magnitude could mean a new one-year high for the shares.

FTNT June8

Now looks like a good time to weigh in on Fortinet stock with options, too, per its Schaeffer's Volatility Index (SVI) of 33%, which ranks in the low 17th percentile of its 12-month range. This means options traders are pricing in low volatility expectations at the moment. 

 

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