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Will BOSTON SCIENTIFIC CORP breakout?

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.

BSX Daily chart on 2023-01-26

Zooming in on the technicals.

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.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • When comparing the yearly performance of all stocks, we notice that BSX is one of the better performing stocks in the market, outperforming 79% of all stocks.
  • BSX is part of the Health Care Equipment & Supplies industry. There are 223 other stocks in this industry. BSX outperforms 73% of them.
  • BSX is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so BSX slightly outperforms the market at the moment.
  • In the last month BSX has a been trading in a tight range between 44.35 and 46.79.

Looking at the Setup

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.

How can NYSE:BSX be traded?

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.

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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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