Million

Resistance

Security

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>FTNT stock price retested the neckline of $75 post-breakout over the last few sessions.</a> </li> 
 <li> <span>2</span> <a>Buyers are attaining momentum and looking for a bounce to escape recent highs of $80.</a> </li> 
</ul> 
<p>Fortinet Inc. (NASDAQ: FTNT) stock price showed a bullish chart structure and maintained the gains above the neckline resistance of $75. In the past sessions, FTNT stock gave a breakout and reached $80. Profit booking arose, which led to the retesting of the neckline shown on the charts.&nbsp;</p> 
<p>However, the trend is still strong, and a bounce in the upcoming sessions can be seen. Buyers have attained momentum and are preparing to stretch the gains.</p> 
<p>The chart shows a breakout of the rounding bottom pattern, and the buyers massively surge after escaping the neckline of $75.This incremental move suggests a rise toward the round spot of $100 for the following sessions.&nbsp;</p> 
<p>Along with the breakout, FTNT stock released Q2 earnings results in the last session, per the estimates, and maintained the growth streak. The net income increased by 78.97% to $247.70 Million (YoY), and the total revenues increased by 32.21% to $1.26 Billion. FTNT stock manages to hold the trajectory, forming a bullish marubozu candle at the support region and indicating a bounce.</p> 
<p>Fortinet is a cybersecurity vendor that sells products, support, and services to small and midsize businesses, enterprises, and government entities. Its products include unified threat management appliances, firewalls, network security, and its security platform, Security Fabric. Services revenue is primarily from FortiGuard security subscriptions and FortiCare technical support.&nbsp;</p> 
<p>At the end of 2021, products were 38% of revenue, and services were 62% of sales. The California-based company sells products worldwide.</p> 
<p>At press time, FTNT stock price is trading at $75.76 with an intraday gain of 1.94% showing bullishness on the charts. Moreover, the intraday trading volume increased by 4.36% to $6.102 Million, and the market cap is $59.486 Billion. Analysts maintained a buy and outperform rating with a yearly price target of $80.37.</p> 
<h2 class="wp-block-heading" id="strong-ftnt-stock-price-action-on-daily-charts-strong"><strong>FTNT Stock Price Action On Daily Charts</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/-gcZdWtdMISquev2b4YxjNS4YL0QJGzn25JFa4IUE4BKzd2uO1PjZvepMlUMFI2VZ05wTiYgsHtRfCbRQnFsFIsUyyWUImGWG7ypQcvv6_nBitQOeIxnPGjfNn5qhXARnQ3HjzcnK7-LNOhtt5TQ89Y" alt="Will Fortinet Inc. (FTNT Stock) Price Bounce From Support of $75?"> 
  <figcaption class="wp-element-caption">
    Source: FTNT Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the daily charts, FTNT stock price trades below the 20-day EMA but above the 50, 100, and 200-day EMAs. Moreover, the price action shows that post-breakout stock surged toward $80 but showed retracement in the last sessions.</p> 
<p>As per the Fib levels, FTNT stock price is trading above 61.8% and faced rejection from 78.3% near $80. Moreover, the price is above the mid bollinger band, suggesting a bounce in the following sessions.</p> 
<h2 class="wp-block-heading" id="strong-will-ftnt-stock-register-a-bounce-strong"><strong>Will FTNT Stock Register A Bounce?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/AOFXJrPolaV5Vo_IFmjcwlDzX5HgHjWrHkaA2TBdCzQicddSPVIyK5VEI29V3DwhfFOlitiqUsTz3ALx9iFrBb6CsfbMeexr4K5pDWEiPrF1Kp5H2M6-XTL3nWFrpdXg-o7pY6dRvEbP0xo0Y9kC1QE" alt="Will Fortinet Inc. (FTNT Stock) Price Bounce From Support of $75?"> 
  <figcaption class="wp-element-caption">
    Source: FTNT Stock Price Chart At TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>On the 4-hour charts, FTNT <a href="https://www.thecoinrepublic.com/2023/08/03/will-mercadolibre-stock-nasdaq-meli-rebound-from-200-day-ema/" target="_blank" rel="noopener noreferrer nofollow">stock </a>price showed a retracement toward the neckline of $75 in the last sessions. However, the buyers have attained momentum and are looking for a bounce to regain the highs.</p> 
<p>The RSI curve stayed near the oversold region, and a negative crossover was noted on the charts showing profit booking in the past sessions.</p> 
<p>The MACD indicator showed a bearish crossover, and red bars on the histogram showed a negative outlook. However, the chart structure still favors the bulls, and a bounce can be seen in the following sessions.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Fortinet Inc. stock price shows an uptrend and trading in the bull territory. However, profit booking happened in the past sessions, which led to retesting of the neckline at $75. Although the price action favored the bulls, a further rise toward $80 can be seen.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels:</strong></h4> 
<p><strong>Support Levels:</strong> $70 and $62</p> 
<p><strong>Resistance Levels:</strong> $80 and $88</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Will Fortinet Inc. (FTNT Stock) Price Bounce From Support of $75?

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