Based on good technical signals, BOSTON SCIENTIFIC CORP is potentially setting up for a breakout.

Our stockscreener has identified a possible breakout setup on BOSTON SCIENTIFIC CORP (NYSE:BSX). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:BSX for potential opportunities.

Analyzing the Technical Aspects

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

We assign a technical rating of 10 out of 10 to BSX. 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.
• When comparing the yearly performance of all stocks, we notice that BSX is one of the better performing stocks in the market, outperforming 86% of all 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 82% 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.
• BSX is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

How does the Setup look for NYSE:BSX

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:BSX this score is currently 8:

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 90.66. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 87.17, a Stop Loss order could be placed below this zone.

How can NYSE:BSX be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. 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.