BOSTON SCIENTIFIC CORP (NYSE:BSX) showing some interesting technicals. Here's why.

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.

Insights from Technical Analysis

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall BSX gets a technical rating of 10 out of 10. 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.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, BSX did better than 89% 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 85% of 187 stocks in the same industry.
• BSX is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month BSX has a been trading in a tight range between 75.38 and 78.98.

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

How do we evaluate the setup 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 8 out of 10:

BSX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a support zone below the current price at 77.04, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

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.

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 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.