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

A possible breakout setup was detected on BOSTON SCIENTIFIC CORP (NYSE:BSX) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:BSX.

Zooming in on the technicals.

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, BSX scores 9 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 87% of all other stocks. On top of that, BSX also shows a nice and consistent pattern of rising prices.
• BSX is one of the better performing stocks in the Health Care Equipment & Supplies industry, it outperforms 92% of 203 stocks in the same industry.
• BSX is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so BSX is performing more or less in line with the market.
• In the last month BSX has a been trading in a tight range between 52.48 and 55.38.

Check the latest full technical report of BSX for a complete technical analysis.

How does the Setup look for NYSE:BSX

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:BSX currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

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 53.77, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.