NYSE:BSX may be ready to breakout.

Our stock screener has detected a potential breakout setup on BOSTON SCIENTIFIC CORP (NYSE:BSX). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BSX.

Technical Analysis Observations

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 10 out of 10 in our technical rating. 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!
• Looking at the yearly performance, BSX did better than 86% 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 one of the better performing stocks in the Health Care Equipment & Supplies industry, it outperforms 77% of 188 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 the 80.64 - 88.94 range, which is quite wide. It is currently trading near the high of this range.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:BSX has a 8 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, BSX also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 88.49. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 86.14, a Stop Loss order could be placed below this zone.

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.

Keep in mind

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.