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Possible Bearish Inside Day Candle Pattern Detected for Boston Scientifc (NYSE:BSX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Boston Scientifc (NYSE:BSX) based on the price action in the company's shares. Today's price range of $36.85 and $37.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Boston Scientifc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology, and neuromodulation.

Boston Scientifc (NYSE:BSX) is currently priced 11.6% above its average consensus analyst price target of $32.57. Boston Scientifc shares should encounter resistance at the 50-day moving average (MA) of $38.16 and support at its 200-day MA of $36.71.

In the past 52 weeks, shares of Boston Scientifc have traded between a low of $29.42 and a high of $41.00 and are now at $36.85, which is 25% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Boston Scientifc and will alert subscribers who have BSX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle boston scientifc

Ticker(s): BSX