Diagnosis Higher for Boston Scientific

• Posted by Greg Harmon
• on April 24th, 2014

Boston Scientific, $BSX, has been mechanical stock. Pumping along in a channel through the fall before a leap higher. And since February in another channel. But the recent activity give 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. Price confirmed the Hammer moving higher and is 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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