Promising Signs: BOSTON SCIENTIFIC CORP Setting the Stage for a Breakout.

BOSTON SCIENTIFIC CORP (NYSE:BSX) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:BSX.

In-Depth Technical Analysis of NYSE:BSX

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, BSX scores 10 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.

• 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 86% 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 87.95 and 91.93.

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

Why is NYSE:BSX a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:BSX currently has a 9 as setup rating:

Besides having an excellent technical rating, BSX also presents a decent setup pattern. Prices have been consolidating lately. 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 90.31, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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

Disclaimer

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.