Fortinet Inc. (FTNT US)

Fortinet Inc. is a multinational corporation headquartered in the United States (US) that specialises in cybersecurity and networking solutions. Its product offerings consist of core platform network security products and enhanced platform technology products that span physical appliances, virtual appliances, software, and cloud-hosted services.

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The price action demonstrates a consistent pattern of symmetric movement over time, characterised by well-defined peaks and troughs within structured upward cycles. The formation of wave five, the final impulsive leg of the Elliott Wave Cycle, along with strengthening momentum, makes for a compelling investment opportunity (see the number notation on the chart).

Fading downside momentum, as indicated by the MACD histogram, further supports the bullish outlook. However, the weakening trajectory of the On-Balance Volume (OBV) indicator raises some concern regarding the underlying strength of the price.

Upside price momentum per the MACD histogram, as well as the recent sideways trajectory of the on-balance volume (OBV) indicator, also supports our bullish view.

Technical analysis