In the Nifty500 pack, four stocks witnessed a 5-year swing high at the close on June 16, suggesting bullishness in counters, according to stockedge.com’s technical scan data.
A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond. This occurrence may be seen as a bullish sign, indicating the potential for further upward movement in the stock. However, it’s worth noting that this is different from a 5-year breakout, which occurs when a stock’s price surpasses a key resistance level that has held for five years or longer.
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