NFTRH+ update on Fortinet (FTNT) finally paying off
Back on 10.30.20 we had an NFTRH+ update on a stock that was getting harpooned despite good earnings. The drop appeared to be a chart thing, as it was intent on filling an upside gap from some major enthusiasm back in May.
I am talking my book because I just increased my position on this drop. It’s not a recommendation, as per all NFTRH+ updates. It is however, a technical view of a setup on another quality but richly valued stock that the market is addressing this week.
The post-earnings drop has brought FTNT back to finally fill its May gap at a lateral support level. I think it can easily continue to drop to the channel bottom below 105, so if any miserly would-be buyers are interested they might wait for that area. A drop below there puts me in failed trade mode, since I am already long.
Here is the same chart today as marked up then. It banged support pretty hard but ultimately held before recently breaking the downward consolidation channel. It appears headed for new highs now as I continue to hold it. But here as with stocks in general, the caveat is the broad market’s risk profile.
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