Boston Scientific Corporation (NYSE:BSX) has been a mechanical stock. It has been pumping along in a channel through the fall before a leap higher. And since February in another channel. But, recent activity gave an initial diagnosis for higher prices. Take a look.
Two weeks ago it hit the bottom of the channel and printed a Hammer, a reversal candle. That Hammer went through the 100 day SMA, a place it had not touched since just before the last jump higher. The price confirmed the Hammer by moving higher, and is now back at the top of the channel, with the Bollinger bands opening higher. A break up would target an eventual move to 15.50. The MACD is supportive of a move higher and the RSI is near a move into the bullish range, over 60. Look for the break higher to confirm this diagnosis.
I have a long position in this stock.
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