Fortis Healthcare: Price Stalls At Resistance, What Next?

Price has been stuck in the broad range of 148-200, captured by the green zone. The recent rally off the green support line represents a higher low within the context of the trading range. If price manages to bounce off the intra-day support at 172-178 range, then I would get interested in the stock.

The real clincher would however be a strong breakout & close past today's high of 188. That would strengthen the case for an eventual breakout above the trading range high of 200. A successful breakout & retest of the upper end of the range would suggest that the multi-month accumulation is complete.

If the stock breaks below 148 (lower end of the range) then it would push the stock into a bearish phase. But, that is not my preferred outcome.


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