Fortinet FTNT continues to dominate the cybersecurity market
|Fortinet Inc (NASDAQ: FTNT) is a global leader in cybersecurity solutions. The company has a strong track record of growth and innovation, and it is well-positioned to continue to dominate the cybersecurity market in the years to come.
FTNT’s products and services are used by businesses of all sizes to protect their data and systems from cyberattacks. The company’s solutions are known for their comprehensiveness, ease of use, and affordability.
With a 36% year-to-date increase, Fortinet (FTNT) shows strong technical support for a bullish trend. Examining the daily Elliott wave structure will help us gain a better understanding of the current view and prepare for the upcoming trend.
FTNT Elliott Wave daily chart
The stock underwent a year-long correction with wave (IV) from December 2021 to November 2022, followed by a new impulsive rally with the potential for another move higher in wave ((5)) of I. The target area for this move higher is $71.2 – $74.6, after which a 3-wave pullback is expected to occur to correct the daily cycle.
As long as the structure remains corrective, the potential correction in wave II is anticipated to present a buying opportunity against the low of $42.71. A break above the 2021 peak and into new all-time highs would further strengthen the daily view and create a bullish sequence to support the upside within the weekly cycle.
In conclusion, the overall technical picture for FTNT remains supportive, and more upside is expected in the mid-term. Investors should be on the lookout for pullbacks as buying opportunities and we recommend waiting for corrective structures in 3, 7, or 11 swings in the coming months.
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