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

By Amy Schwartz

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 $42.37 and $42.40 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 Scientifc (NYSE:BSX) defies analysts with a current price ($42.37) 23.1% above its average consensus price target of $32.57. The stock should find initial support at its 50-day moving average (MA) of $40.22 and further support at its 200-day MA of $37.95.

Boston Scientifc share prices have moved between a 52-week high of $43.66 and a 52-week low of $31.56 and are now trading 34% above that low price at $42.37 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.1%.

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 12.5%. 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