Fortis has given a break-out already. im a bit late in spotting it, but nevertheless still didnt miss the bus. Well look at the MACD beautifully crossover ; RSI at comfortable zone still has some steam left. CMP 204; stop 175; Target 235/250.( 1.5/2 months)
Fortis Healthcare has moved higher to its record high of 205 with heavy volume.
In past one month, the stock outperformed the market after media report suggested that the promoters are looking to divest their stake.
I just aired my thoughts based on the daily chart, a little while ago. I asked the question, what next, in that chart. The zoomed-in view in the lower time frame is just an exercise to look at a few scenarios.
IF the price takes support at one of the green lines AND manages to clear the magenta resistance lines, it would be a strong clue that an upside range...
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...
