Fortinet Stock Surges Past 2023 High, Eyes Recovery to $96.58
Fortinet Inc. (US34959E1091) shares have been making waves on the Nasdaq, currently priced at $85,180. The stock has surged past its 2023 high and April low, reaching the EMA50. Investors are now eyeing a potential recovery to the top of a large gap at $96.58 if the price consistently climbs above $86.30.
Fortinet's journey has been marked by significant milestones. It has breached its old 2023 high and April low, reaching the EMA50. This momentum has investors optimistic about a potential recovery. However, the path is not without challenges. Resistance zones are located at $99 - 100 and the all-time high of $114.82. If Fortinet's stock price surpasses the current high of 114.82 USD, it's unclear which company will be positioned immediately above it in ranking.
In the event of a daily close below $78.60, Fortinet could face further price drops, potentially down to $75 or $70. But short-term setbacks to $80.20 - 81.80 would likely be harmless, with buyers expected to show up at this support area.
Fortinet Inc. shares have shown remarkable resilience, surpassing key resistance levels and reaching the EMA50. While the road ahead presents challenges, including potential resistance zones and price drop vulnerabilities, the stock's performance thus far indicates a strong recovery potential. Investors will be closely watching Fortinet's progress as it navigates these hurdles.
