Swing Trade Idea (FTNT) – May 24, 2022
Our bearish trade for Tuesday, May 24th is Fortinet, Inc. (FTNT). FTNT is part of the Technology Sector that has performed at -6.3% over the last month.
FTNT recently moved higher towards a key level of $290 and, as it is currently overbought, this level is respected. This provides a good risk/reward bearish entry. Both the 1M and 6M trends are Bearish and the Relative Strength is 5/10.
As a close, if FTNT were to trade above $292 for multiple days, this would invalidate our analysis and focus cutting losses on the trade. We also consider cutting losses on this options trade if the value of the vertical spread moves above $27.40.
