Biggest Gainer at the Opening Bell: Fortinet
Jason Lubin July 9, 2020 11:03 AM
Upside break out of a symmetrical triangle pattern.
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
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