BSX closes above its opening price after recovering from early selling pressure
Boston Scientific Corporation (BSX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BSX ended the month -7.58% lower at 35.11 after gaining $0.46 (1.33%) today, slightly underperforming the S&P 500 (1.54%). Trading up to $0.38 lower after the open, Boston Scientific managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 34.65, the market confirmed its breakout through the prior session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (BSX as at Jun 30, 2020):
Tuesday's trading range has been $1.08 (3.12%), that's slightly below the last trading month's daily average range of $1.15. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BSX.
Prices are trading close to the key technical resistance level at 35.72 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Boston Scientific. Out of 321 times, BSX closed higher 50.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.65% with an average market move of 0.65%.