FORTIS price chart given a long term resistance break out near 200, one can add on dips for target 300 by keeping stop loss below 205.
Fortis has broken out of rectangular channel in the weekly charts a few weeks back with good volumes. It is re testing the breakout levels. It is good entry at CMP 209, with SL of 199, Target 230, 250
Go long FORTIS for target of 210, 215, 220. SL 203.
Although our decision is based on weekly pattern, the actual execution to be done on hourly charts for Risk management.
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.
as we can the evening star pattern at the very top and the bearish divergence there and doji there gives a lot of indecision there
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...