In the NSE list of companies with a market cap over Rs 10,000 crore, five stocks witnessed a 5-year swing high at the close on September 18, 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 bullish, 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.