BOSTON SCIENTIFIC CORP (NYSE:BSX) has emerged as a notable technical breakout candidate based on our screening methodology. The stock combines a high Technical Rating with a strong Setup Quality score, suggesting potential for further upside. Below, we examine the key factors driving this assessment.
Technical Strength
Rating of 8/10: BSX demonstrates consistent performance across both short and long-term timeframes. The stock is in a long-term uptrend, supported by rising moving averages (20-day, 50-day, 100-day, and 200-day).
Relative Strength: BSX outperforms 79% of all stocks over the past year and ranks in the top 19% of its industry (Health Care Equipment & Supplies).
Trading Range: The stock is consolidating within a one-month range of $100.84 to $107.53, offering a balanced risk-reward setup.
Setup Quality
Rating of 9/10: Recent price action shows tight consolidation, with a clear resistance zone between $104.76 and $107.41. A breakout above this level could signal further gains.
Support Levels: Multiple support zones exist below the current price, including a key area at $103.83, providing a logical stop-loss level.
Pocket Pivot Signal: A recent accumulation pattern suggests institutional buying interest, reinforcing the bullish case.
Trade Considerations
Entry Point: A breakout above $107.42 could serve as a potential entry trigger.
Exit Strategy: A stop-loss below $102.77 limits downside risk to ~4.3%.
Volume & Liquidity: Average daily volume of ~7.38 million shares ensures smooth execution.