Swing Trade Idea (FTNT) – May 23, 2023
Our bearish trade for Tuesday, May 23rd is Fortinet Inc. (FTNT). FTNT is part of the Technology Sector, which has performed at 6.78% over the last month with FTNT underperforming relative to its sector at 4.1% over the same period.
FTNT traded into the top of a trendline and is expected to pull back from this level of around $70. FTNT is currently in an over-bought state and is expected to trade lower, with the next level of support at around $63.
As a close, if FTNT were to trade above $71 for multiple days, this would invalidate our analysis and will consider cutting losses on the trade. We also want to consider cutting losses on this options trade if the value of the vertical spread moves above $2.96.
