FORTINET INC. - 1H - Technical analysis published on 01/22/2024 (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
78%
6%
17%
My opinion
Bullish above 61.31 USD
My targets
62.88 USD (+1.14%)
64.94 USD (+4.46%)
My analysis
FORTINET INC. is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 61.31 USD. The next resistance located at 62.88 USD is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 64.94 USD. After this resistance, buyers could then target 71.16 USD. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
In the very short term, the general bullish sentiment is confirmed by technical indicators. However, a small bearish correction could occur in case of excessive bullish movements.
Force
0
10
8
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This analysis was given by ppires. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The FORTINET INC. price is 62.17 USD. The price registered an increase of +2.09% on the session with the lowest point at 61.40 USD and the highest point at 62.34 USD. The deviation from the price is +1.25% for the low point and -0.27% for the high point.61.40
62.34
62.17
A study of price movements over other periods shows the following variations:
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. 89.29% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. There is no crossing of moving average by the price or crossing of moving averages between themselves.
In fact, 14 technical indicators on 18 studied are currently bullish. But beware of excesses. The Central Indicators scanner currently detects this:
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 1
Type : Neutral
Timeframe : 1 hour
SuperTrend indicator bullish reversal
Type : Bullish
Timeframe : 1 hour
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified these signals:
Near horizontal resistance
Type : Bearish
Timeframe : 1 hour
Resistance of channel is broken
Type : Bullish
Timeframe : 1 hour
The presence of a bullish Japanese candlestick pattern detected by Central Candlesticks that could cause a very short term rebound was also detected:
Bullish harami
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 59.72 | 61.31 | 62.07 | 62.17 | 62.88 | 71.16 | 73.53 |
| Change (%) | -3.94% | -1.38% | -0.16% | - | +1.14% | +14.46% | +18.27% |
| Change | -2.45 | -0.86 | -0.10 | - | +0.71 | +8.99 | +11.36 |
| Level | Intermediate | Minor | Minor | - | Major | Minor | 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 | 57.93 | 59.01 | 59.95 | 61.03 | 61.97 | 63.05 | 63.99 |
| Camarilla | 60.35 | 60.53 | 60.72 | 60.90 | 61.09 | 61.27 | 61.46 |
| Woodie | 57.87 | 58.98 | 59.89 | 61.00 | 61.91 | 63.02 | 63.93 |
| Fibonacci | 59.01 | 59.78 | 60.26 | 61.03 | 61.80 | 62.28 | 63.05 |
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): | 59.74 | |
| MACD (12,26,9): | 0.0900 | |
| Directional Movement: | 11.68 | |
| AROON (14): | 28.57 | |
| DEMA (21): | 61.19 | |
| Parabolic SAR (0,02-0,02-0,2): | 60.17 | |
| Elder Ray (13): | 0.56 | |
| Super Trend (3,10): | 62.00 | |
| Zig ZAG (10): | 61.95 | |
| VORTEX (21): | 1.0800 | |
| Stochastique (14,3,5): | 76.62 | |
| TEMA (21): | 61.24 | |
| Williams %R (14): | -19.42 | |
| Chande Momentum Oscillator (20): | 0.97 | |
| Repulse (5,40,3): | 0.2900 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | -0.0200 | |
| Courbe Coppock: | 1.41 |
| MA7: | 61.65 | |
| MA20: | 60.04 | |
| MA50: | 55.85 | |
| MA100: | 57.27 | |
| MAexp7: | 61.34 | |
| MAexp20: | 61.13 | |
| MAexp50: | 60.95 | |
| MAexp100: | 60.21 | |
| Price / MA7: | +0.84% | |
| Price / MA20: | +3.55% | |
| Price / MA50: | +11.32% | |
| Price / MA100: | +8.56% | |
| Price / MAexp7: | +1.35% | |
| Price / MAexp20: | +1.70% | |
| Price / MAexp50: | +2.00% | |
| Price / MAexp100: | +3.26% |
Quotes :
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15 min delayed data
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NASDAQ Stocks
News
The last news published on FORTINET INC. at the time of the generation of this analysis 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.
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