FORTINET INC. - 1H - Technical analysis published on 01/23/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bullish
Underlying:
Strongly bullish
Technical indicators
89%
0%
11%
My opinion
Bullish above 62.88 USD
My targets
64.94 USD (+1.46%)
65.57 USD (+2.44%)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on FORTINET INC. as long as the price remains well above 62.88 USD. The buyers' bullish objective is set at 64.94 USD. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 65.57 USD. If there is any crossing, the next objective would be the resistance located at 71.16 USD. However, beware of bullish excesses that could lead to a possible short-term correction; but this possible correction would not be tradeable.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
Force
0
10
8.6
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Additional analysis
Quotes
The FORTINET INC. rating is 64.01 USD. The price registered an increase of +2.15% on the session and was between 63.84 USD and 64.46 USD. This implies that the price is at +0.27% from its lowest and at -0.70% from its highest.63.84
64.46
64.01
The Central Gaps scanner detects the formation of a bullish gap marking the strong presence of buyers against sellers at the opening. This formed a quotation gap.
Opening Gap UP
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new HIGH record (1 month)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of this 1H chart of FORTINET INC. indicates that the overall trend is strongly bullish. The signals given by the moving averages are 89.29% bullish. This strong bullish trend is confirmed by the strong signals currently being given by short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
The probability of a further increase is high given the direction of the technical indicators.
Caution: the Central Indicators scanner currently detects an excess:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : 1 hour
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : Weekly
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found these results:
Near resistance of channel
Type : Bearish
Timeframe : 1 hour
Near horizontal support
Type : Bullish
Timeframe : 1 hour
No result was found by the Central Candlesticks scanner on Japanese candlesticks.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
S3 | S2 | S1 | Price | R1 | R2 | R3 | |
---|---|---|---|---|---|---|---|
ProTrendLines | 60.09 | 62.08 | 62.88 | 64.01 | 71.16 | 73.53 | 80.28 |
Change (%) | -6.12% | -3.02% | -1.77% | - | +11.17% | +14.87% | +25.42% |
Change | -3.92 | -1.93 | -1.13 | - | +7.15 | +9.52 | +16.27 |
Level | Intermediate | Minor | Major | - | Minor | Major | Major |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 60.37 | 60.89 | 61.77 | 62.29 | 63.17 | 63.69 | 64.57 |
Camarilla | 62.28 | 62.40 | 62.53 | 62.66 | 62.79 | 62.92 | 63.05 |
Woodie | 60.56 | 60.98 | 61.96 | 62.38 | 63.36 | 63.78 | 64.76 |
Fibonacci | 60.89 | 61.42 | 61.75 | 62.29 | 62.82 | 63.15 | 63.69 |
Weekly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 56.96 | 58.35 | 59.62 | 61.01 | 62.28 | 63.67 | 64.94 |
Camarilla | 60.17 | 60.41 | 60.66 | 60.90 | 61.14 | 61.39 | 61.63 |
Woodie | 56.91 | 58.32 | 59.57 | 60.98 | 62.23 | 63.64 | 64.89 |
Fibonacci | 58.35 | 59.36 | 59.99 | 61.01 | 62.02 | 62.65 | 63.67 |
Monthly
Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
---|---|---|---|---|---|---|---|
Standard | 43.61 | 47.13 | 52.83 | 56.35 | 62.05 | 65.57 | 71.27 |
Camarilla | 56.00 | 56.84 | 57.69 | 58.53 | 59.38 | 60.22 | 61.07 |
Woodie | 44.70 | 47.68 | 53.92 | 56.90 | 63.14 | 66.12 | 72.36 |
Fibonacci | 47.13 | 50.65 | 52.83 | 56.35 | 59.87 | 62.05 | 65.57 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
RSI (14): | 73.04 | |
MACD (12,26,9): | 0.5300 | |
Directional Movement: | 30.49 | |
AROON (14): | 78.57 | |
DEMA (21): | 62.46 | |
Parabolic SAR (0,02-0,02-0,2): | 60.69 | |
Elder Ray (13): | 1.96 | |
Super Trend (3,10): | 62.07 | |
Zig ZAG (10): | 64.25 | |
VORTEX (21): | 1.1200 | |
Stochastique (14,3,5): | 96.04 | |
TEMA (21): | 62.91 | |
Williams %R (14): | -4.79 | |
Chande Momentum Oscillator (20): | 3.88 | |
Repulse (5,40,3): | 0.4700 | |
ROCnROLL: | 1 | |
TRIX (15,9): | 0.0500 | |
Courbe Coppock: | 5.35 |
MA7: | 62.01 | |
MA20: | 60.36 | |
MA50: | 56.14 | |
MA100: | 57.31 | |
MAexp7: | 63.04 | |
MAexp20: | 61.87 | |
MAexp50: | 61.32 | |
MAexp100: | 60.47 | |
Price / MA7: | +3.23% | |
Price / MA20: | +6.05% | |
Price / MA50: | +14.02% | |
Price / MA100: | +11.69% | |
Price / MAexp7: | +1.54% | |
Price / MAexp20: | +3.46% | |
Price / MAexp50: | +4.39% | |
Price / MAexp100: | +5.85% |
Quotes :
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15 min delayed data
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NASDAQ Stocks
News
Don't forget to follow the news on FORTINET INC.. At the time of publication of this analysis, the latest news was as follows:
- Thinking about buying stock in Panbela Therapeutics, Fortinet, Palo Alto Networks, First Wave BioPharma, or Sphere 3D?
- Thinking about trading options or stock in Ford Motor, Palantir Technologies, Crispr Therapeutics, NVIDIA, or Fortinet?
- Kyndryl Launches New Managed SASE Service with Fortinet
- BetterInvesting™ Magazine Update on Fortinet Inc. and Peabody Energy Corp.
- Thinking about trading options or stock in Fortinet, Palo Alto Networks, Tesla, NVIDIA, or Apple?
This member declared not having a position on this financial instrument or a related financial instrument.
About author
I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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