Biggest Gainer at the Opening Bell: Fortinet

Upside break out of a symmetrical triangle pattern.

New Highs 4

On Thursday morning, Fortinet (FTNT), a cybersecurity firm gapped up over 1.6% at the open reaching a new record high before continuing to advance.  

Looking at a daily chart, Fortinet's stock price has broken to the upside of a symmetrical triangle pattern that began to form in early-May. The RSI is showing bullish momentum and currently sitting above the 60 level. The moving averages (MA) are positioned in a bullish manner, the 20-day MA is above the 50-day MA and the 50-day MA is above the 200-day MA. The blue lines on the chart represent a potential measured move from the peak and trough of the symmetrical triangle pattern. As long as price manages to hold above the upper trend line of the symmetrical triangle pattern price will likely grind upward to make higher highs at the $171.00 resistance level. If price dips below the upper trend line we could see choppy movement and possible support on the 50-day MA. However, if price breaks below the 50-day MA it could be the final straw that sends price back to $120.00.                  

Source: GAIN Capital, TradingView

More from Equities

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account