FORTINET INC. - Daily - Technical analysis published on 09/25/2019 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : TARGET REACHED
A split or consolidation has occurred on this instrument. There is no more graph available on this analysis.
Summary of the analysis
Trends
Court terme:
Bearish
De fond:
Strongly bearish
Technical indicators
50%
11%
39%
My opinion
Bearish under 80.67 USD
My targets
78.02 USD (-1.60%)
74.65 USD (-5.85%)
My analysis
The bearish basic trend is very strong on FORTINET INC. but the short term shows some signs of running out of steam. However, a sale could be considered as long as the price remains below 80.67 USD. Crossing the first support at 78.02 USD would be a sign of a further potential price plummet. Sellers would then use the next support located at 74.65 USD as an objective. Crossing it would then enable sellers to target 69.72 USD. Caution, a return to above the resistance located at 80.67 USD would be a sign of a possible consolidation phase of the short-term basic trend. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
In the very short term, the general bearish opinion of this analysis is in opposition with technical indicators. As long as the invalidation level of this analysis is not breached, the bearish direction is still favored, however the current short term correction should be carefully watched.
FORCE
0
10
3.4
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The FORTINET INC. rating is 79.29 USD. On the day, this instrument gained +0.01% and was between 77.34 USD and 79.60 USD. This implies that the price is at +2.52% from its lowest and at -0.39% from its highest.77.34
79.60
79.29
A bearish opening was detected by the Central Gaps scanner. Sellers are trying to impose a bearish trend in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Technical
Technical analysis of this Daily chart of FORTINET INC. indicates that the overall trend is strongly bearish. 82.14% of the signals given by moving averages are bearish. The slightly bearish signals from short-term moving averages show that the overall trend is slowing down. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
In fact, only 9 technical indicators out of 18 studied are currently bullish. The Central Indicators scanner specialised in technical indicators, has not detected anything further.
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows several results that can have an impact on the price change:
Resistance of channel is broken
Type : Bullish
Timeframe : Daily
Horizontal support is broken
Type : Bearish
Timeframe : Daily
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 69.72 | 74.65 | 78.02 | 79.29 | 80.67 | 87.71 | 91.08 |
| Change (%) | -12.07% | -5.85% | -1.60% | - | +1.74% | +10.62% | +14.87% |
| Change | -9.57 | -4.64 | -1.27 | - | +1.38 | +8.42 | +11.79 |
| Level | Intermediate | Minor | Major | - | Intermediate | Major | Minor |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 76.52 | 77.34 | 78.31 | 79.13 | 80.10 | 80.92 | 81.89 |
| Camarilla | 78.79 | 78.95 | 79.12 | 79.28 | 79.44 | 79.61 | 79.77 |
| Woodie | 76.60 | 77.38 | 78.39 | 79.17 | 80.18 | 80.96 | 81.97 |
| Fibonacci | 77.34 | 78.02 | 78.45 | 79.13 | 79.81 | 80.24 | 80.92 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 73.22 | 75.03 | 76.63 | 78.44 | 80.04 | 81.85 | 83.45 |
| Camarilla | 77.29 | 77.61 | 77.92 | 78.23 | 78.54 | 78.86 | 79.17 |
| Woodie | 73.12 | 74.98 | 76.53 | 78.39 | 79.94 | 81.80 | 83.35 |
| Fibonacci | 75.03 | 76.33 | 77.14 | 78.44 | 79.74 | 80.55 | 81.85 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 57.58 | 67.35 | 73.26 | 83.03 | 88.94 | 98.71 | 104.62 |
| Camarilla | 74.87 | 76.31 | 77.74 | 79.18 | 80.62 | 82.06 | 83.49 |
| Woodie | 55.66 | 66.39 | 71.34 | 82.07 | 87.02 | 97.75 | 102.70 |
| Fibonacci | 67.35 | 73.34 | 77.04 | 83.03 | 89.02 | 92.72 | 98.71 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 48.48 | |
| MACD (12,26,9): | -0.4700 | |
| Directional Movement: | -7.92 | |
| AROON (14): | -42.86 | |
| DEMA (21): | 78.65 | |
| Parabolic SAR (0,02-0,02-0,2): | 81.71 | |
| Elder Ray (13): | -0.65 | |
| Super Trend (3,10): | 84.74 | |
| Zig ZAG (10): | 79.29 | |
| VORTEX (21): | 0.9000 | |
| Stochastique (14,3,5): | 53.32 | |
| TEMA (21): | 78.63 | |
| Williams %R (14): | -46.39 | |
| Chande Momentum Oscillator (20): | 0.28 | |
| Repulse (5,40,3): | 1.2300 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.1200 | |
| Courbe Coppock: | 0.36 |
| MA7: | 78.97 | |
| MA20: | 78.94 | |
| MA50: | 81.38 | |
| MA100: | 79.86 | |
| MAexp7: | 79.06 | |
| MAexp20: | 79.36 | |
| MAexp50: | 80.15 | |
| MAexp100: | 80.64 | |
| Price / MA7: | +0.41% | |
| Price / MA20: | +0.44% | |
| Price / MA50: | -2.57% | |
| Price / MA100: | -0.71% | |
| Price / MAexp7: | +0.29% | |
| Price / MAexp20: | -0.09% | |
| Price / MAexp50: | -1.07% | |
| Price / MAexp100: | -1.67% |
News
Don"t forget to follow the news on FORTINET INC.. At the time of publication of this analysis, the latest news was as follows:
- Nozomi Networks and Fortinet Bolster IT/OT Visibility and Response
- Cloud-Native Security Leader Alcide Integrates with Fortinet’s Security Fabric to Provide Hybrid Cloud Network Security Solution
- Factors of Influence in 2019, Key Indicators and Opportunity within New Relic, Clean Harbors, Sage Therapeutics, Accelerate Diagnostics, Fortinet, and Colfax — New Research Emphasizes Economic Growth
- Aislelabs Announces Partnership with Fortinet
- Fortinet Commended by Frost & Sullivan for Protecting the Entire Attack Surface with its FortiSandbox Line of Cybersecurity Solutions
This member declared not having a position on this financial instrument or a related financial instrument.
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