By Mill Chart
Last update: Jan 26, 2023
BOSTON SCIENTIFIC CORP (NYSE:BSX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BSX.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
Taking everything into account, BSX scores 7 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BSX is showing a nice and steady performance.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:BSX currently has a 9 as setup rating:
BSX has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 46.61. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 46.0, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BSX in the last couple of days, which is a good sign.
One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Our Breakout analyzer lists more breakout setups and is updated daily.
BOSTON SCIENTIFIC CORP
NYSE:BSX (3/28/2024, 8:04:01 PM)
After market: 68.12 -0.37 (-0.54%)68.49
-0.13 (-0.19%)
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