FTNT Consolidation with Earnings on the HorizonThis is another consolidating triangle although I dont really care for how abrasive the price action has been. I prefer the consolidations to be more swoopy and less spikey. That said, this still qualifies. Volume has been largely contained complete.
The last spike to the top line reads as a false breakout to me which does provide some concern. That said, I still like this as an entry provided there are 2 more days of sideways movement with lower than average volume.
The price target is estimated a jump of 25% based on the last 2 pumps of 31% and 28% (average of 3% drop on each push). IF there's an entry and you're a block target exit kinda person, aim for 20%. Stop is under the support line as always. I would choose to give this a bit of a wide birth on the stop to avoid hunters.
A word of caution (or excitement depending on your viewpoint), earnings is about a month away. There is too much uncertainty during the earnings releases for me so I choose to close positions and sit out. I have other strategies for handling earnings.
