BSX finds buyers again around 37.15

Boston Scientific (BSX) Technical Analysis Report for Sep 14, 2018

Highlights

BSX finds buyers again around 37.15
BSX closes within previous day's range after lackluster session
BSX ends the day indecisive

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

BSX finished the week 4.3% higher at 37.39 after losing $0.23 (-0.61%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BSX

Volatility

Friday's trading range was $0.41 (1.1%), that's below last trading month's daily average range of $0.50. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, Boston Scientific closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 37.72. After having been unable to move lower than 37.09 in the previous session, the market found buyers again around the same price level today at 37.15.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 37.72 where further buy stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Boston Scientific

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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