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Fortinet (FTNT) Recently Broke Out Above the 200-Day Moving Average
Fortinet (FTNT - Free Report) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, FTNT crossed above the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, FTNT has gained 9.9%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at FTNT's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 16 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on FTNT for more gains in the near future.