After a period of consolidation, Fortis Ltd has broken out of its range, displaying significant bullish momentum, which indicates that buyers are in control.
However, the breakout was met with strong selling pressure at higher levels on the daily scale, resulting in a battle between buyers and sellers—a sign of potential momentum exhaustion.
Friday’s candlestick has formed a Bearish Long-legged doji, which typically signals a potential reversal and suggests that profit-taking could occur at the current level.
Additionally, the Relative Strength Index (RSI) is approaching into overbought, which further suggests that a price correction or a period of consolidation might follow.
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