Elliott Wave Technical Analysis: Fortinet Inc. - Monday, Nov. 21

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Fortinet Inc., Elliott Wave Technical Analysis

Fortinet Inc.,(Nasdaq: FTNT): Daily Chart, November 21, 2022, 

FTNT Stock Market Analysis: We have had a sharp move up off the lows which could represent the end of the correction in wave (4). At this point, we’ll be looking for further downside.

FTNT Elliott Wave Count: Wave {i} of 1.

FTNT Technical Indicators:200EMA acting as resistance, we are also facing resistance as west and near the highest volume of the entire correction.

FTNT Trading Strategy: Looking for confirmation with a break of the bearish structure.

Analyst: Alessio Barretta

Fortinet Inc., FTNT: 4-hour Chart, November 21, 2022

Fortinet Inc., Elliott Wave Technical Analysis

FTNT Stock Market Analysis: We are looking at a three-wave down off wave {i} so far as we could retrace deeper.

FTNT Elliott Wave count: Wave (c) of {ii}.

FTNT Technical Indicators: It dropped below all averages and reacted off the 38.2% retracement.

FTNT Trading Strategy: Looking for a resumption of the uptrend in wave (i) of {iii} to then start looking for longs.


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Disclosure: As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical ...

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