NYSE:BSX may be ready to breakout.

BOSTON SCIENTIFIC CORP (NYSE:BSX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BSX.

Technical Analysis Observations

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of 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.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that BSX is one of the better performing stocks in the market, outperforming 87% of all stocks. On top of that, BSX also shows a nice and consistent pattern of rising prices.
• BSX is part of the Health Care Equipment & Supplies industry. There are 187 other stocks in this industry. BSX outperforms 83% of them.
• 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 86.01 - 91.93 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

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

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. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 90.29. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 88.02, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:BSX

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.