$FTNT In a Wedging Pattern

I bought a ½ size position on June 2nd after it had tremendous volume and institutions protected it from slipping below the 50 DMA the day before. It has been nothing but sideways since and I am slightly underwater. My stop is a decisive close under the 50 DMA. I did not feel the Wed June 18th qualified as decisive.

Mark Minervini may call this a VCP (Volatility Contraction Pattern). In any event it is clearly in consolidation mode and could break either way. I will either be selling if it does not recover the 50 DMA or will be adding if / when it closes above the downward sloping upper trendline.

I thought this would be a good one for your watchlist. If you like the idea, please make it your own and follow “your” trading rules. Remember, it is your money at risk.