Wednesday Morning - Inverse H & S

Gator's Chart of the Day: FTNT

Internet security (or lack of it) could get a lot more attention as soon as the fiscal cliff is in the rear view mirror.  I keep checking on a few of my favorites (FIRE, PANW and FTNT) and this one is looking good.  It's not as obvious in this view but there is a head and shoulders in that section of the chart following the ugly gap down.  The measured move yields an upside target where the top white line in also marks the top of the gap.  Coincidence?

The Trade
There could be a move back down to test the neckline or it could be a move straight up from here.  (I see the 50 day sma just above current price but it really has not been relevant.)  Unless the market is doing something strange I'll be looking for an entry as soon as I get a feel for open and find a strike I like.  January is probably the month and either 19 or 20 looks to be the most likely selection.  The minimum target price on the stock is 22.90.