Fortis Healthcare Limited (FORTIS) Stock - Complete Technical Analysis - Sep 05, 2024

Fortis Healthcare Stock Analysis: Key Support

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.

Technical Analysis of Fortis Healthcare Limited (FORTIS)

As of now, Fortis Healthcare's stock is trading around 561, which is just 0.93% below its 52-week high of 566.4, and 78.82% above its 52-week low of 313.8. The stock's recent performance indicates strong bullish momentum.

Support and Resistance Levels:

Immediate Support: Around 536 (Simple Moving Average 30), where buying interest may re-emerge.

Primary Support: Around 503.59 (Simple Moving Average 50) and 485.47 (Exponential Moving Average 100), providing a more robust foundation.

Immediate Resistance: Around 583 (Classic Pivot R1) and 559.36 (Camarilla Pivot R1), which are key levels to watch for potential pullbacks.

Primary Resistance: Around 614.23 (Classic Pivot R2) and 622.34 (Woodie Pivot R2).

Technical Indicators:

MACD: The MACD is currently showing positive values, suggesting that the bullish momentum is strong. This indicates a favorable trend for buyers.

RSI: With the RSI at 63.88, the stock is approaching the overbought territory. This could signal potential for a price correction if it rises further.

ADX: The ADX is high, reflecting a strong trend, which supports the current uptrend in the stock price.

Stochastic: The Stochastic %K is high, indicating that the stock is in the overbought zone. Caution is advised as this may lead to a short-term pullback.

CCI: The Commodity Channel Index (CCI) is elevated, showing that the stock is currently in a strong trend.

ATR: The Average True Range (ATR) suggests high volatility, which traders should be mindful of when planning their trades.

Moving Averages:

The stock is trading above its major moving averages, including the 50-day, 100-day, and 200-day EMAs, which reinforces the strength of the current uptrend.

Chart Patterns:

The stock is currently trading close to its 52-week high, which often indicates a potential continuation of the uptrend if key resistance levels are breached.

In summary, Fortis Healthcare's stock shows strong bullish signals, but traders should watch key resistance levels for potential price reversals. Monitoring support levels is crucial for managing risks, especially if the stock faces resistance near recent highs.