Can Fortinet Stock Overcome This Resistance Level?

FTNT has pulled back to historically bullish trendline

Digital Content Manager
Mar 18, 2024 at 2:48 PM
facebook X logo linkedin

Fortinet Inc (NASDAQ:FTNT) stock is up 2% at $68.06 at last check, as it trades within one standard deviation of its 50-day moving average, a historically bullish trendline that has provided tailwinds in the past. The shares already boast a 16% lead for 2024, and could soon make another run at a ceiling at the $74 level.
Per Schaeffer's Senior Quantitative Analyst Rocky White's data, the security saw at least two similar signals in the last three years, defined for this study as having traded north of this trendline 80% of the time over the last two months, and in eight of the last 10 trading days.

FTNT 50 Day

The security was higher one month later after 80% of these instances, averaging a 4% gain. A comparable move from its current perch would place FTNT just over the $70 mark.

Combined with a sentiment shift, it could be just what Fortinet stock needs to topple that aforementioned resistance level. The security's Schaeffer's put/call open interest ratio (SOIR) of 0.80 stands higher than 5% of annual readings, indicating short-term options traders have been learning bearish. Echoing this, 23 of the 35 analysts in coverage rate FTNT a "hold" or worse.

Options are reasonably priced at the moment, too. This is per the equity's Schaeffer's Volatility Index (SVI) of 33%, which ranks in the low 17th percentile of its annual range. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI