Fortis Healthcare Limited (FORTIS) Stock - Complete Technical Analysis - Nov 19, 2024

Fortis Healthcare Stock Analysis Bullish Trend, Support & Resistance Levels Technical Insights

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 seen a strong recovery, currently trading at 657.80, just below its 52-week high of 658.85. The stock is up 85% from its 52-week low of 356.20, signaling strong growth. The bullish "Three White Soldiers" chart pattern indicates that the stock is likely to continue its upward momentum in the short term.

Key technical indicators are supportive of the bullish trend. The RSI is at 64, indicating bullish strength, but without being overbought. The MACD and Awesome Oscillator are both in positive territory, reinforcing the uptrend. The Stochastic RSI is at 79.3, which suggests that the stock may be nearing overbought territory, but there is still room for further gains before a reversal.

Support levels are around 609, where multiple pivot points align, which could act as a strong floor in case of a pullback. Resistance is at 669, where key pivot points converge. The stock is trading above the 10-day and 20-day EMAs, which further confirms the strength of the bullish trend.

The ATR is at 59, indicating moderate volatility, meaning the stock could experience short-term fluctuations. However, with the stock near its 52-week high, if it can break through the resistance at 669, it could continue its upward trend.

Traders should watch the 609 support level and the 669 resistance level closely for potential buy or sell signals.