Fortis: 5 yearly itch

Jan 26, 2021

Fortis is yet again playing out its 5-year cycle. A look at the left-hand chart which is the monthly time frame, clearly shows this cyclicality of 5years. It has been a long-term under-performer and is now dealing with some serious resistances. Last session we had a fine high-volume breakout which should continue further up unless the short-term supports of 160 is not broken. With the momentum backing the pharmaceutical stocks can this be an opportunity for the stock to rally further up and test 200? Well, I think it’s possible.

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