FTNT Elliott Wave Analysis Trading Lounge Daily Chart, 4 March 24.
Fortinet Inc., (FTNT) Daily Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulse.
Structure: Motive.
Position: Minor wave 1 of Intermediate (1).
Direction: Completion of wave {v} of 1.
Details: We seem to have completed a flat correction in Primary wave 4, and now we see to be on the way to break previous wave (X) high at around TL8 80$. We could either be in wave {v} of 1 or else wave {iv} could be higher degree wave 2.
Technical Analyst: Alessio Barretta
FTNT Elliott Wave technical analysis – Daily chart
Our analysis reveals a trend function with an impulse structure, characterized by a motive pattern. Currently positioned in Minor wave 1 of Intermediate (1), we observe the potential completion of wave {v} of 1. Following a flat correction in Primary wave 4, we anticipate a breakout above the previous wave (X) high, approximately around TL8 $80. The ongoing wave could either be wave {v} of 1 or a higher-degree wave 2 represented by wave {iv}.
FTNT Elliott Wave Analysis Trading Lounge 4Hr Chart, 4 March 24.
Fortinet Inc., (FTNT) 4Hr Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulse.
Structure: Motive.
Position: Wave (iii) of {v}.
Direction: Acceleration higher into wave (iii).
Details: Looking for acceleration higher into wave (iii) as we seem to be breaking previous s wave (b) top after finding support on Medium Level 65$.
Welcome to our FTNT Elliott Wave Analysis Trading Lounge, your go-to resource for comprehensive insights into Fortinet Inc. (FTNT) using Elliott Wave Technical Analysis. Let's delve into the market dynamics as of the Daily Chart on 4th March 2024.
FTNT Elliott Wave technical analysis – Four hour chart
Here, we identify a trend mode with an impulse structure, indicating a motive pattern. Positioned in Wave (iii) of {v}, we anticipate an acceleration higher into wave (iii). This expectation comes as we observe a breakthrough above the previous wave (b) top, following support found at the Medium Level of $65.
FTNT Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.