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Good technical signals and a possible breakout for BOSTON SCIENTIFIC CORP.

By Mill Chart

Last update: Jan 27, 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 2023-01-27

Technical Analysis Observations

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.

Overall BSX gets a technical rating of 8 out of 10. 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 and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, BSX did better than 79% of all other stocks.
  • BSX is part of the Health Care Equipment & Supplies industry. There are 223 other stocks in this industry. BSX outperforms 75% 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.

How does the Setup look for NYSE:BSX

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:BSX scores a 9 out of 10:

Besides having an excellent technical rating, BSX 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?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:BSX and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.

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BOSTON SCIENTIFIC CORP

NYSE:BSX (3/28/2024, 9:46:10 AM)

68.38

-0.24 (-0.35%)

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