Sunday, February 28, 2010

Technical Analysis - Fortis Healthcare

Fortis Healthcare (Rs 156): Fortis Healthcare has key long-term resistance in the zone between Rs 120 and Rs 130 and it was struggling to move past this zone till the last week of December 2009.

In our review of this stock in December last year, we had indicated that an ascending triangle pattern was forming that had the target of Rs 170.

The stock broke out of the upper boundary of this triangle pattern in December last year and recorded the recent peak at Rs 162.4 on February 17.

Investors with a short to medium-term perspective can hold with stop at Rs 132. If this level holds, investors can expect a rally to Rs 173 over the medium-term.

Source BL

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