Uncovering Noteworthy Technical Analysis Findings for BOSTON SCIENTIFIC CORP (NYSE:BSX).

Our stock screener has flagged BOSTON SCIENTIFIC CORP (NYSE:BSX) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:BSX for potential movement.

In-Depth Technical Analysis of NYSE:BSX

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall BSX gets a technical rating of 10 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!
• When comparing the yearly performance of all stocks, we notice that BSX is one of the better performing stocks in the market, outperforming 85% of all stocks. We also observe that the gains produced by BSX over the past year are nicely spread over this period.
• BSX is part of the Health Care Equipment & Supplies industry. There are 202 other stocks in this industry. BSX outperforms 85% of them.
• A new 52 week high is currently being made by BSX, which is a very good signal! However, this is in line with the S&P500, which is also trading near new highs.
• In the last month BSX has a been trading in the 50.84 - 56.22 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of BSX

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:BSX this score is currently 8:

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 support zone below the current price at 55.33, 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. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:BSX

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.