FTNT broke down below its 12-month uptrend line in December 2022 after rallying over 220% in 1 year. FTNT attempted to mount a rally in early 2022, but since April, it has established a pattern of lower highs=downtrend (chart 2). FTNT has rallied 15% in the past 3 weeks and is back to downtrend resistance. The weekly chart shows that long-term support is now far below last trade. Caveat: The Cybersecurity group is showing RRG strength so pay attention to the stop.
Jeff Marcus founded Turning Point Analytics (TPA) in 2009 after 25 years on trading desks and 13 years as a head trader to provide strategic and technical research to institutional clients. Turning Point Analytics (TPA) provides a unique strategy that works as an overlay to clients’ good fundamental analysis. After 10 years of serving only large institutions, TPA now offers its research services to mid and small managers, RIA’s, and wealthy sophisticated individuals looking for a way to increase their returns and outperform their peers.
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