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

Fortis Healthcare Stock Analysis: Bullish or Overbought Key Support & Resistance Levels

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) has been showing bullish strength, currently trading around 620.75, just off the 52-week high of 643.90. The stock has surged 86.36% from its 52-week low of 333.10, suggesting strong upside potential. Resistance is seen near the 643-645 region, while support lies between 609-611. The RSI at 56.14 indicates neutral momentum, meaning the stock is neither overbought nor oversold, which could signal further upward movement. However, with the ADX at 15.49, the trend strength is weak, implying that the stock may lack strong directional movement in the short term.

The MACD level of 8.86 is bullish, reinforcing the possibility of continued upward movement, but traders should be cautious as the Stochastic RSI and Williams Percent Range are hinting at overbought conditions. Given the stocks volatile behavior, traders should look out for sudden price surges or drops. If the stock breaks above 645, it may head toward higher resistance zones, while a dip below the 611 support could indicate a potential retracement.

In terms of moving averages, Fortis is trading well above the 10, 20, and 50-day moving averages, showing that the stock is in a short-term uptrend. The ATR of around 58.50 suggests moderate volatility, so keep an eye on the price action for potential reversals or breakout opportunities. For a breakout to occur, traders should look for a move past 645; if the stock struggles to break this level, it might face a short-term pullback. Always monitor the MACD and RSI for indications of continued bullish momentum or potential reversal.