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

By Nick Russo

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 $37.65 and $37.88 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 share prices have moved between a 52-week high of $46.62 and a 52-week low of $24.10 and are now trading 57% above that low price at $37.78 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 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.

Based on a current price of $37.78, Boston Scientifc is currently 13.8% above its average consensus analyst price target of $32.57. The stock should find resistance at its 200-day moving average (MA) of $40.23, as well as support at its 50-day MA of $34.02.

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