Leo Fasciocco is a technical expert focused on both long and short ideas that are based on breakouts from defined trading patterns; the latest upside breakout buy from the editor of Ticker Tape Digest is cyber security firm Fortinet (FTNT).

The company provides cyber security solutions to a range of enterprises, service providers and governments across the world.

Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide security and network functions to protect data and users from security threats.

Its product offerings consist of its FortiGate product family, along with its FortiManager central management and FortiAnalyzer central logging and reporting products.

After a long-term consolidation pattern, the stock turned higher in 2016 at $30 and has since surged to $73. FTNT came in with strong earnings and the stock gapped higher through all upside resistance. The stock's momentum indicator is solidly bullish.

The drive for the gain was FTNT's better than expected earnings for the second quarter. The company came in with net of 41 cents a share topping the consensus estimate of 35 cents a share.

Net for the third quarter is expected to leap 36% to 38 cents a share from 28 cents the year before.The highest estimate on the Street is at 42 cents a share. Net for the fourth quarter is projected to leap 47% to 47 cents a share from the 32 cents the year before.

We see good chances for an upside earnings surprise again. The company topped the consensus estimate the past eight quarters. Looking out to 2019, profits are expected to rise 14% to $1.76 a share from the anticipated $1.54 this year.

We are targeting the stock for a move to $92 a share off this breakout. A protective stop can be placed near the $68 level.

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