Man the Fortinet in This Battle
In lieu of the gap up in downtrodden cybersecurity play, FireEye, this morning, some of the better technical plays in the HACK ETF are worthy of a look.
Specifically, we should consider manning the Fortinet, as we can see the daily chart, below, sporting improved technicals in 2017. After an early-February gap higher, note how tightly the chart has been coiling ever since.
If the HACK plays can get a little momentum going into springtime, I suspect FTNT is ripe to fare as well as any of them, considering it avoided the fate of the disastrous FEYE and even PANW's latest capital-destroying earnings gap down.
A move towards $38 now has my attention on to swing FTNT on the long side.
Much like a few other sectors we highlighted for Members over the weekend, the bulls case for the broad market going forward likely involves some sectors like cybersecurity gathering steam to sustain rotations during this year.