Fortinet: #PowerStocks Series Pick Of The Week (October 2024)

Are you a fan of Andy Lau or Jay Chou? Or both? Last weekend, thousands of concert-goers packed the stadiums in Singapore and serenaded upbeat and sentimental songs, reminiscing about their youth. Although I didn't attend any of their concerts, I have been belting out several songs by Jay Chou over the weekend. Apart from this, the US stock market has been melodious lately, forming new all-time highs almost every single day! Let's review the last week's stock pick, Johnson Controls (JCI), shall we?

Review Of Last Week's Pick Of The Week

Johnson Controls (JCI) was our #PowerStocks pick last week. It deals with building products, and provides energy solutions, integrated infrastructure, and transportation systems. We were waiting for its share price to return to $72.80 before taking off again. However, the market had other plans. The pullback was shallower than expected, bringing its share price to $74.61 and rising thereafter. BUT, if you had used the methodology shared in Explosive Stocks Mastery, you would've bought its shares. You'll be sitting on a profit of more than 1%! As shared in my Telegram Channel, please don't rush to buy its shares now.

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Why Is Swing Trading Fortinet (FTNT) Worth It?

 

Source: fortinet.com

Fortinet is in the Technology sector, providing cybersecurity solutions to enterprises, small and medium businesses, and government organizations. Cybersecurity has become more critical than ever as technology plays a more significant and intimate role in our lives. Coupled with the enormity of the contracts Fortinet has won, it's little wonder that its shares are forming new all-time highs! Compared to the S&P 500, Fortinet's share performance outperforms by a mind-blowing margin of 10x in the last 3 months! And I see an explosive swing trading opportunity emerging soon. So, what's the game plan? Continue reading to get the details. P.S. What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short amount of time? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!

Performance Of US Stock Market vs Fortinet (FTNT)

The very 1st thing you'll want to look out for is the price trend of Fortinet's share price. Can you tell that the share price of Fortinet has been in a mighty uptrend since early Aug 2024? Knowing that its share price is in an uptrend, you'll want to look for buying opportunities to increase your odds of success. How can you further increase your odds of success? You can do so by ensuring that Fortinet's shares perform better than the S&P 500. The comparison chart above clearly shows that Fortinet's shares are much stronger than the S&P 500's. While the S&P 500 brought a return of 3.5% in the last 3 months, the shares of Fortinet brought a return of 39.1%! That's a mind-boggling outperformance of more than 10x! Ok, the shares of Fortinet deserve your attention.

How Explosive Is Fortinet (FTNT)?

To make your money work hard for you, let's examine whether the shares of Fortinet have been explosive in the past 11 months. There have been 12 explosive upmoves in the last 11 months, ranging between 5.7% to 39.8%! For a public listed company that enjoys a market capitalization of more than $63b, the magnitude of its upmoves is the envy of its peers. Knowing that Fortinet's shares can consistently explode in price, is it time to buy them for an explosive swing trade?

Key Price Levels

To determine whether the time to buy its shares for an explosive swing trade is here, let's uncover its key price levels. These key price levels act as support and resistance, giving you a clue to the turning points of its share price. Did you also identify these 2 support areas - $77.50 and $80? Because the stock market remains overheated, you can reasonably expect a pullback ahead. When the pullback occurs, Fortinet's share price is likely to fall to around $80 before rising. There's a good chance of its shares falling through $80 to around $77.50 before rising for its next explosive upmove. So, please practice trade discipline by waiting for a bounce before buying its shares for an explosive swing trade, and always have a stop loss set. Here's a pro tip: Instead of staring at your screen, you may want to set a price alert on your broker's platform to be notified so that you can spend precious time with your loved ones. Finally, this is for educational purposes. Please perform your due diligence. All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.

Claim Your Free (Limited Time) Stock Course Right Now:

The stock market is full of traps laid out by professional traders. Many new traders are often left confused by conflicting signs and signals. Worse still, ~80% of traders lose money. This is because trading isn't just about skill alone. It includes the mastery of your emotions. But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!