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.
Thank you for following my work and please feel free to share your thoughts and suggestions.
Also has a positive RSI divergence on the daily charts, you just presented a different prospective to help me with the trade. But I have noticed whenever a trade flirts with it's stop loss it eventually hits it. It went very close today. What are your thoughts on the price drop of the stock towards the closing?