Fortis Healthcare Limited (FORTIS) Stock - Complete Technical Analysis - Dec 16, 2024

"Fortis Healthcare Stock Analysis Key Support & Resistance Levels + Trend Insights FORTIS Techni

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 on an impressive upward trajectory, currently trading at 711.95, which is 3.84% below its 52-week high of 740.35. The stock's performance has been strong, with it being 89.83% above its 52-week low of 375.05. Despite this strong performance, the technical indicators suggest that a pullback or consolidation may be near. The RSI at 62.26 and the Stochastic Oscillator at 78.74 both indicate overbought conditions, suggesting that a potential correction could be on the horizon.

The MACD is still positive, indicating a bullish trend, but traders should monitor for any potential signs of divergence, which might indicate a trend reversal. The ADX is currently at 30.96, showing a strong trend, but the indicator's level suggests that the trend's strength could soon weaken. The Awesome Oscillator further confirms positive momentum, but a Bearish Engulfing pattern in recent price action raises caution for potential reversals.

The key support levels for FORTIS are at 680 and 650, while resistance is likely to be met at 729, with the 52-week high at 740. A failure to break above 740 could signal a short-term bearish move. Additionally, the high volatility, as indicated by ATR, suggests that sharp price movements could occur in either direction. Moving averages indicate a bullish outlook, but traders should remain cautious as the stock approaches resistance and monitor closely for signs of trend exhaustion or reversal.