What I Am Looking to Buy Thursday Morning
- Posted by Greg Harmon
- on March 27th, 2013
This past weekend I noted a tradeable pattern playing out in Boston Scientific, $BSX. The chart below shows the symmetrical triangle that had been building since the peak at 7.73 in early February. Heading into the apex of the triangle and with the 50 day Simple Moving Average (SMA) rising to meet price a move was fast approaching. Wednesday the stock broke the triangle higher. This carries a target on the break to 8.33. The Relative Strength Index (RSI) is is bullish and rising which supports further upside price action,
but the Moving Average Convergence Divergence indicator (MACD) has not yet made the run higher. This move Wednesday happened on significant volume though and should it continue over the February high the picture gets even brighter. At that point the Measured Move equivalent to run up of January 2nd until the February top comes into play. That measures higher to 9.20 on a continuation. Are you with me now?
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Dragonfly Capital Views Performance Through March 2013 Expiry
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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