From a stalled sell to a fresh buy, right at the highs
Fortis climbs 2.4% as the stalled sell flips into a fresh Buy signal right at its highs
From a stalled sell to a fresh buy, right at the highs
Our view last week
On Fortis last week's rebound attempt has cooled off: buyers, who made up 88% of volume, are back in balance with sellers (49%) and the stock shed 1%. On the daily chart a double bottom in the 55 area produced a weak 3% bounce, and price stays boxed between support in the 57.3 area and resistance in the 58.1 area: an indecisive week for a Sell signal now in its 16th week of management, with the short in a small loss, at -3.1% since entry.
This week's summary
Fortis closes the week boxed into a very tight range, wedged between the daily upper Bollinger Band and the daily pivot point, after a double bottom in the 55 area produced a 6% rebound. The signal, a stalled sell for sixteen weeks until seven days ago, has flipped: a new Buy signal has just kicked in, but right against the stock's all-time highs and with signal strength at just 28 out of 100. This week's technical analysis flags trading as not recommended, with the utilities sector still weak.
IQS Phase
82
in tension / maturity
Signal Strength
28
low · fading
Sizing
MINIMUM
Ranking
#20 / 20
New us stocks
Trade P&L %
+0.00%
from signal to today
restricted Platinum content