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MarketBeat
MarketBeat
Ryan Hasson

2 Cybersecurity Giants Nearing Big Potential Breakouts

Cybersecurity has been one of the more consistent themes in this market. While the S&P 500 is up just over 8% year-to-date, the cybersecurity-focused ETF Amplify (NYSEARCA: HACK) is up more than 16%. As the broader tech space continues to drive leadership, a few big names in the cyber space are starting to set up for potentially significant breakouts after long periods of consolidation.

Two of the most notable setups right now are Fortinet (NASDAQ: FTNT) and Palo Alto Networks (NASDAQ: PANW). Both stocks have underperformed the sector year-to-date, but their multi-month and even multi-year chart structures are starting to tighten meaningfully. With earnings on deck and some added M&A speculation in the mix, these names could soon be on the move.

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