Fortinet Stock Forecast
The Fortinet $Fortinet(FTNT)$ stock price fell by -25.07% on Friday, 4th Aug 2023 from $75.76 to $56.77. During the last trading day the stock fluctuated 9.36% from a day low at $56.10 to a day high of $61.35. The price has been going up and down for this period, and there has been a -27.37% loss for the last 2 weeks. Volume has increased on the last day by 28 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 33 million shares were bought and sold for approximately $1.86 billion.
Given the current short-term trend, the stock is expected to rise 16.47% during the next 3 months and, with a 90% probability hold a price between $66.12 and $96.58 at the end of this 3-month period.
FTNT Signals & Forecast
There are few to no technical positive signals at the moment. The Fortinet stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $73.71 and $75.27. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, July 17, 2023, and so far it has fallen -29.29%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Fortinet stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $5.25 (9.36%) between high and low. For the last week, the stock has had daily average volatility of 3.93%.
Fortinet is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (FTNT) For The Trading Day Of Monday 7th
For the trading day on Monday, 7th we expect Fortinet to open at $58.07, and during the day (based on 14 day Average True Range), to move between $53.52 and $60.02, which gives a possible trading interval of +/-$3.25 (+/-5.73%) up or down from last closing price. If Fortinet takes out the full calculated possible swing range there will be an estimated 11.46% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $64.59, some $7.82 (13.77%) from the current price of $56.77, our system finds the risk reward not very attractive.
Insiders are negative selling more shares than they are buying in Fortinet
In the last 100 trades there were 169.19 thousand shares bought and 295.22 thousand shares sold. The last trade was made 6 days ago by Xie Michael who bough 2.03 thousand shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Is Fortinet stock A Buy?
The Fortinet stock holds several negative signals and despite the positive trend, we believe Fortinet will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
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- MaxGain·2023-08-07Stop all these analyst bullshit. It is 40 bucks and below stock.LikeReport