Elliott Wave Forecast Team
ElliottWave-Forecast.com
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.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended content
Editors’ Picks
EUR/USD climbs above 1.0800 as weak PMI data weighs on USD
EUR/USD preserves its bullish momentum and trades at its highest level in nearly three weeks above 1.0800 in the American session. The US Dollar stays under heavy selling pressure following the disappointing ADP and PMI data, fuelling the pair's rally.
GBP/USD extends rally toward 1.2800 as USD selloff continues
GBP/USD continues to push higher toward 1.2800 and trades at its highest level since mid-June on Wednesday. The disappointing ISM Services PMI data from the US weighs heavily on the US Dollar and allows the pair to target new multi-week tops.
Gold jumps above $2,360 after dismal US data
Gold gathers bullish momentum and trades at its highest level in nearly two weeks above $2,360. Following the disappointing ADP Employment Change and ISM Services PMI data from the US, the 10-year US yield declines sharply, helping XAU/USD extend its daily rally.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened.
Fed Minutes Preview: Markets to focus on cues regarding the inflation outlook
The Minutes of the Fed’s June 11-12 policy meeting will be published on Wednesday. Details of Jerome Powell and Co’s hawkish hold and their inflation outlook will be scrutinized.