Fortis Healthcare Limited (FORTIS) Stock - Complete Technical Analysis - Oct 08, 2024

Fortis Healthcare Stock Analysis: Patterns Indicate Bullish Momentum Ahead

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Fortis Healthcare Limited (FORTIS) is currently trading at 597.20, showing a bullish trend as it remains 4.98% below its recent 52-week high of 628.50, achieved on October 1, 2024. The stock has demonstrated significant recovery, being 90.31% above its 52-week low of 313.80 recorded on October 26, 2023. Recent trading sessions indicate volatility, with price movements reflecting a morning star pattern and a bullish engulfing pattern, both suggesting potential upward momentum.

In terms of technical indicators, the ADX stands at 37.83, indicating a strong trend, while the RSI at 56.39 reflects bullish momentum without being overbought. The stochastic oscillator is at 22.42, suggesting room for upward movement. Moving averages, including the EMA (10) at 594.57 and the SMA (10) at 598.41, are indicative of recent support around the 594 mark, which aligns closely with the pivot level of 591.78.

Support levels to watch are near 560.72 and 506.33, while resistance is expected around 646.17, with the price testing recent highs. The Average True Range (ATR) of 56.63 suggests heightened volatility, indicating potential for sudden price surges or drops. The current bearish momentum shown by the momentum indicator at -1.35 suggests caution, but the bullish patterns and positive indicators may attract buyers.

Overall, FORTIS presents an intriguing investment opportunity, with strong upward patterns forming and bullish momentum indicators. Investors should monitor for price breaks above resistance levels while being cautious of any sudden downturns.