Fortinet hanging on by a thread

May 9

Fortinet is very close to breaking the neckline of a head and shoulders pattern on the weekly chart. If it breaks below the 0.382 Fibonacci level, it will break down quite heavily. Cybersecurity is a crowded trade and with upcoming earnings of Crowdstrike and Zscaler, if the earnings and outlook comes in below expectation, I would imagine Fortinet will see a larger drop.