FTNT, Warning to buyers! Head and Shoulder is forming !Is FTNT's honeymoon is close to end? Lets follow!
FTNT made a massive motive rally from 106.75 to 322 . In this profitable journey it never lost the up going trend line. This strong dynamic support is no more existing! Price broke the line strongly.
Moreover, a head and shoulder pattern at very top of the chart is forming. My experience says that this is a pattern which is really worth to be considered especially after a huge motive rally. Therefore I can strongly recommend not to go long at the moment if you do not want to go short.
Based on Elliot wave pattern, corrective wave 4 may have started and it may push down the price to 240, 215, 190 and even 154 USD corresponding to 0.382, 0.5, 0.618 and 0.786 retracement of the mentioned up going rally respectively. Currently I give more chance to 190 but we can update the target later based on structure of the possible down going corrective wave.
A good entry point can be breaking the neckline ( if it ever happens) shown on the chart. If we decide to go short we set our protective buy stop at ATH or minor high after ATH depending on how much loss we can tolerate.
We always trade based on fact and figures not hopes and wishes.
Good luck every one !
