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

By James Quinn

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 $41.52 and $41.68 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.

Based on a current price of $41.67, Boston Scientifc is currently 21.8% above its average consensus analyst price target of $32.57. Boston Scientifc shares have support at the 50-day moving average (MA) of $38.05 and additional support at the 200-day MA of $37.46.

In the past 52 weeks, shares of Boston Scientifc have traded between a low of $31.56 and a high of $42.40 and are now at $41.67, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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.

SmarTrend recommended that subscribers consider buying shares of Boston Scientifc on May 16th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.89. Since that recommendation, shares of Boston Scientifc have risen 10.5%. We continue to monitor BSX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle boston scientifc

Ticker(s): BSX