FTNT Elliott Wave Analysis Trading Lounge.
Fortinet Inc., (FTNT) Daily Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave (3).
Direction: Upside within wave 5 of (5).
Details: We are looking for a bottom in wave 4 as we have approached TradingLevel1 a 100$.
Fortinet Inc., (FTNT) 1H Chart.
FTNT Elliott Wave technical analysis
Function: Trend.
Mode: Impulsive.
Structure: Motive.
Position: Wave {c} of 4.
Direction: Bottom in wave {c}.
Details: Looking for one more leg lower into wave 4 to then turn higher. Equality of {c} vs. {a} stands at 89$ while another feasible target is at 93$ which is 0.618 {c} vs. {a}.
In this Elliott Wave analysis, we will review the trend structure of Fortinet Inc., (FTNT) using both the daily and 1-hour charts to assess the current wave position and potential price movements.
FTNT Elliott Wave technical analysis – Daily chart
Fortinet (FTNT) appears to be in wave 5 of (5). Currently, it is finding support as it approaches TradingLevel1 at $100, which coincides with the expected completion of wave 4. Once wave 4 forms a bottom, the analysis suggests further upside potential as wave 5 unfolds.
FTNT Elliott Wave technical analysis – One-hour chart
On the 1-hour chart, FTNT is in the final stages of wave {c} of 4, which could complete the wave 4 correction. The next leg lower is anticipated to end around $89 (equality of {c} vs. {a}) or $93, which corresponds to the 0.618 Fibonacci retracement of {c} vs. {a}. After this, we expect a turn higher, marking the beginning of wave 5.
Technical analyst: Alessio Barretta.
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: Further losses look likely
AUD/USD managed to regain the smile and leave behind four consecutive daily retracements on Monday, gathering some traction soon after hitting lows not seen since April 2020 near 0.6130.
EUR/USD: The door remains open to extra pullbacks
EUR/USD printed a new cycle low around 1.0176 on the back of the intense march north in the Greenback, paving the way for a probable visit to the parity zone anytime soon.
Gold holds above $2,660 with a soft tone
Prices of Gold trade on the defensive and reverse four consecutive daily pullbacks in response to extra improvement in the US Dollar as well as investors' reassessement of just one (or none at all) interest rate cut by the Fed for the current year, particularly following Friday's Nonfarm Payrolls prints.
Solana Price Prediction: SOL flashes 2.8B bearish trend amid hawkish Fed fears
Solana price plunged 5% on Monday, trading below the $170 mark for the first time since November 2024. On-chain data shows that SOL’s latest dip coincided with a negative swing in market sentiment. Is SOL price hinting at further downside risks?
Bitcoin falls below $92,000 as exchanges show overheating conditions
Bitcoin (BTC) continues its ongoing correction, falling below $92,000 on Monday after declining almost 4% last week. CryptoQuant data shows that BTC is overheating in exchanges and suggests further decline ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.