FTNT which develops unified threat management systems to provide security and networking functions had another pocket pivot off its 10-dma and 20-dema. We had reported on FTNT's prior pocket pivots, though due to market weakness where the NASDAQ Composite pulled back to its 20-dema twice in June, FTNT remained in its base. Contextually, one could have added at those points as the pullbacks were constructive.
Note that another good entry was when FTNT posted an undercut & rally (U&R) long entry signal at the prior May low. The U&R long entry set-ups is simple: once the stock undercuts a significant prior low in its pattern and rallies above it, the U&R entry is triggered using the prior low as a tight selling guide.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.