FTNT Elliott WaveTechnical Analysis
In this Elliott Wave analysis, we will examine the trend structure of Fortinet Inc. (FTNT) using daily and 1-hour charts. Our goal is to assess the current wave position and identify potential price movements to provide actionable insights for traders and investors.
FTNT Elliott Wave Analysis - Daily Chart
FTNT Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave of (3)
Direction: Upside in wave 5
Details: We anticipate the completion of a sideways wave 4, forming a bottom. This correction is expected to set the stage for the continuation of the Intermediate wave (3), targeting a price level above $100.
Daily Chart Analysis
Our Elliott Wave analysis of Fortinet Inc. (FTNT) reveals that the stock is forming a base within the sideways corrective phase of wave 4. After this phase, we project a bullish continuation, driving the price above $100 as the Intermediate wave (3) concludes. The long-term bullish structure indicates substantial potential for further gains, aligning with broader market trends.
FTNT Elliott Wave Analysis - 1-Hour Chart
FTNT Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Motive
Position: Wave {c} of 4
Direction: Bottom in wave {c}
Details: The price has reached the critical 0.618 Fibonacci retracement level at $95. This level is significant support, and we are looking for upside movement into wave {i} of 5. A confirmation of this trend will signal the resumption of the bullish uptrend. Volume increases during upward moves suggest strong buyer activity.
1-Hour Chart Analysis
The 1-hour Elliott Wave chart for Fortinet Inc. (FTNT) indicates a potential bottom at $95, corresponding to the 0.618 Fibonacci retracement. This level could act as a launchpad for a bullish reversal into wave {i} of 5. The increasing volume on upward price movements reinforces the outlook for renewed buying pressure and a potential continuation of the uptrend.
Technical Analyst: Alessio Barretta
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