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Possible Bullish Inside Day Candle Pattern Detected for Boston Scientific (NYSE:BSX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Boston Scientific (NYSE:BSX) based on the price action in the company's shares. Today's price range of $23.85 and $24.15 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. Traders and investors interested in shares of Boston Scientific may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Over the past year, Boston Scientific has traded in a range of $14.18 to $24.79 and is now at $24.01, 69% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 2.0%.

Boston Scientific (NYSE:BSX) is currently priced 13.2% above its average consensus analyst price target of $20.85. The stock should discover initial support at its 50-day moving average (MA) of $18.97 and subsequent support at its 200-day MA of $17.84.

SmarTrend recommended that subscribers consider buying shares of Boston Scientific on March 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.01. Since that recommendation, shares of Boston Scientific have risen 32.3%. We continue to monitor BSX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Boston SCientific

Ticker(s): BSX