NYSE:BSX may be ready to breakout.

Our stock screener has spotted BOSTON SCIENTIFIC CORP (NYSE:BSX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:BSX.

Deciphering the Technical Picture 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.

Taking everything into account, BSX scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, BSX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, BSX did better than 88% of all other 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 196 other stocks in this industry. BSX outperforms 84% 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 a tight range between 64.55 and 68.06.

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

How does the Setup look for NYSE:BSX

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:BSX is 8:

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 67.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 67.65, 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 to trade NYSE:BSX?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.