Seven NSE-listed stocks with a market capitalisation of over Rs 1,000 crore closed at a 5-year swing high on August 4, indicating strong bullish momentum in these counters, according to technical scan data from StockEdge.com.
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.