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Fortinet (FTNT) Recently Broke Out Above the 50-Day Moving Average
Fortinet (FTNT - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, FTNT broke through the 50-day moving average, which suggests a short-term bullish trend.
The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.
Over the past four weeks, FTNT has gained 7.3%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account FTNT's positive earnings estimate revisions. There have been 16 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting FTNT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.