BSX closes higher for the 3rd day in a row


Boston Scientific Corporation (BSX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

BSX closes higher for the 3rd day in a row
BSX pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, BSX ended Thursday at 31.42 gaining $1.50 (5.01%) on low volume, notably underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 31.24, the market confirmed its breakout through the previous session high after trading up to $0.58 above it intraday.

Daily Candlestick Chart (BSX as at Mar 26, 2020):

Daily technical analysis candlestick chart for Boston Scientific Corporation (BSX) as at Mar 26, 2020

Thursday's trading range has been $1.75 (5.77%), that's below the last trading month's daily average range of $2.23. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for BSX.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BSX gained 6.02% on the following trading day.

Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.


Market Conditions for BSX as at Mar 26, 2020

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