Fortinet may rise to 86.30 - 91.20

Our pivot point stands at 59.2.

Our preference

The upside prevails as long as 59.2 is support.

Alternative scenario

The downside breakout of 59.2 would call for 51.9 and 47.5.

Comment

The RSI is trading above 70. This could mean that either the stock is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 58.4275 and 59.1546). Finally, Fortinet is trading above its upper Bollinger band (standing at 64.37).

Supports and resistances

96 **

91.2 *

86.3 **

81.5

69.93 (USD-last)

62.1

59.2 **

51.9 *

47.5 **

Number of asterisks represents the strength of support and resistance levels.