A major breakout appears to beunfolding in Fortinet (FTNT) shares. Climbing up off of asuccessful retest of $135 support, the shares have brokenout of a symmetrical triangle and closed at a new all-time high inthe last two days with gains on increased volume signaling newinvestor interest. A close above $150 would confirm the start of a new up leg with next potentialresistance near $167.50 then$187.50 based on
Cybersecurity software producer Fortinet (FTNT) has been a mainstay within the Green Favored Zone of the SIA S&P 500 Index Report since November. Yesterday, it moved up 13 spots to 35th place. Since completing a successful retest of support back in March, the shares have been under accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Yesterday's breakout over $146.75 to a new all-time high completed a bullish Triple Top pattern, signaling the start of a new up leg. A horizontal count suggests potential upside resistance near $178.90 with vertical counts suggesting potential resistance tests near $158.90 or $193.60. Initial support appears near $135.60 based on a 3-box reversal then recent support near $130.30. With its bullish SMAX score increasing to 8, FTNT is exhibiting near-term strength across the asset classes.
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