FTNT major winIf you have been following me for a while I played both FTNT and RTX gaps fairly well and am very thankful for those trades and the patience. I started layering into FTNT just below 60$ spot recently as I decided I was willing to hold it long term. I have a bag of march 15th 70$ calls that I will most likely sell entirety of tomorrow. Its hard not to sell calls that are less than 60 days from expiration after such a big move. I will continue to hold my spot, this is why its so important to hold spot on things you are trading that youre bullish on. If the stock continues to pump I will have the spot shares achieving the gains and the calls were my leverage.
0IR9 trade ideas
FTNT contraction FTNT pushes against the fib and consolidates on a wedge just below. This is during a bottom in stochastic, expansion here should result in an upside break. For those who have been following this is also a GAP trade which helps push these back up if there is some demand for the stock. I highlighted the GAP that is a 33% move, you just have to be patient here.
FTNT tests start of next GAPFTNT is attempting to break through the start of the GAP, I am heavily positioned in feb-June calls at various strikes. The upside here is tremendous, I have been adding spot as well leading up to this moment, lets see how it plays out. The golden fib is a very important momentum indicator, if this breaks the entire gap may be filled in a matter of weeks.
FTNT gap #2If you have followed along we played the first gap pretty nicely on FTNT. The supertrend has flipped bullish here and we have volume and RSI. The stock is a few dollars from the start of the larger gap which is a 22% price movement. 3-6 month calls is my preference, I am debating on the strike price but will definitely go for a high open interest setup that will have liquidity. Maybe 65$ March or June. There was a little rejection at this green fib, if we can take it its off to that GAP which is massive.
FTNT breaking out of consolidationFTNT next gap play is looking to be heating up with the bullish CPI print. MY first target remains 55.32$. The stock is finally testing the 20SMA and divergence on RSI is breaking which is the buy signal imo. An important fib level was also just tested right at the 20sMA as well. I added a local demand for context. I am still in my call setup and looking to ride this momentum. Per usual the upside target is about 3x the downside risk.
FTNT consolidates after GAPFTNT is call setup I have for a hopeful bounce back to the 55 UPCOM:ISH region. Bullish divergence is resumed in general and after 3 massive gaps in a row the stock is pretty beat up. I do not hold this long term I would rather RTX as a defense play although they are different areas.
FTNT created another massive gapFTNT just got annihilated on earnings, the stock is simply overvalued and does not see enough earnings. I am playing this spot only, options are pretty tough to trade on this heavily manipulated stock. This reminds me of the RTX manipulation congress and friends handled into the war.
FTNT update attempting to break divergence notedWith RSI rising and price falling we have clear bullish divergence. FTNT is taking another attempt at the medium term resistance of the teal line. The candles are also flirting with the 20SMA which is needed to confirm a bullish posture. This narrowing volatility should oscillate back to a wide pattern if RSI continues. My call setups are for 65$ ish. 59$ is first profit take.
FTNT time is now to long or sit on hands FTNT GAP trade is in effect for me, I swung this last upswing past the green line. With tech rallying and security/defense/cybersecurity trending with war situation FTNT should get caught up in the hype. The wedge is concluding and RSI has been trending downward. For a call setup Dec 15th or Jan 65$ is my pick.
Up on FTNT?
As you see here on this 15-minute chart, we are approaching a major trendline. On the daily chart we are about to cross up, the RSI is slowly increasing and is currently approaching the 50 level. As you can see on the last bar of the 15-minute candle, we had a major push in volume. If we gap above the trendline on Monday, I would look for us to retest this level on the 5-minute heikin ashi candlestick chart and wait for a bounce and possibly hold until close.
Fortinet FTNT Overreaction - What now?Slightly after earnings Fortinet Gapped down. Which are my favorite kind of stocks to trade because 9 times out of 10 Gaps close.
Fortinet had many analyst reiterate Bullish price targets some up to $70. I'm looking for a retest at $60.
Forecasting out to nov 2nd. The next earnings should be interesting.
Williams, MACD, & RSI are all showing Oversold in this situation. This could be a solid entry for someone to start a small position.
This is not financial advice.
Trade Responsible,
#TradeTheWave 🏄🏽♂️🌊
FTNT to 74FTNT (Fortinet, Inc.) has been performing well since November 2022, with a breakout in February 2023. Currently, it’s retesting the breakout level, which aligns with an upward trend line from November. There’s also a support area at 54.57 due to a daily gap . If FTNT holds its current level, it could target 74, in line with a gap above.
Fortinet Inc (NASDAQ:FTNT)Fortinet, Inc. provides cybersecurity solutions to a variety of businesses,
such as enterprises, communication service providers and small businesses.
The stock has enjoyed a steady rise in price since February and is currently
up +46.43% year to date.
The recent boost in buying volume and relative strength suggests the move
may not yet be over.
This content is provided for general information purposes only and is not to be taken as investment advice nor as a recommendation for any security, investment strategy or investment account.
FTNT - Rising Trend Channel [MID TERM]🔹FTNT is in a rising trend channel in the medium long term.
🔹FTNT surges after double bottom formation break through resistance at 57.16.
🔹supports at 69.50 for negative reaction.
🔹Overall assessed as technically positive for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
FTNT - Breakout Rising Trend Channel- FTNT has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate.
- FTNT has met the objective at 66.36 after a break of the double bottom formation.
- FTNT has support at 62.70 and resistance at 69.40.
- Overall assessed as technically positive for the medium long term.
*EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price
*Chart Pattern:
DT - Double Top | BEARISH | RED
DB - Double Bottom | BULLISH | GREEN
HNS - Head & Shoulder | BEARISH | RED
REC - Rectangle | BLUE
iHNS - inverse head & Shoulder | BULLISH | GREEN
Verify it first and believe later.
WavePoint ❤️