Boston Scientific ( NYSE: BSX ) stock price is propelling the rally from the past months, remaining inside the rising parallel channel and continuing to lift the gains.
Moreover, the bulls persisted in demonstrating their strength in front of the mighty bears, thereby maintaining the momentum. The stock’s technicals suggest a buy rating, and even analysts indicate a strong buy rating with a near-term target of $58.32.
However, the stock is trading in bullish territory and has been rising in strength in the past months. A sequence of higher highs and higher lows was noted on the charts.
The price action shows that the stock is in the buying region, and bulls are establishing their dominance from the past months, maintaining strength and continuing to boost gains. Moreover, the stock is near the resistance level of $60, which, if surpassed, will enable further momentum and could lead to a sharp rise.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices used in various interventional medical specialities. The Company offers its products in the following sectors: Interventional Cardiology, Peripheral Interventions, Cardiac Rhythm Management, Electrophysiology, Endoscopy, Urology and Pelvic Health, Neuromodulation, and Specialty Pharmaceuticals.
BSX stock was traded at $53.50 at press time with an intraday drop of 0.87%, showing a neutral move in the last trading sessions. Moreover, the trading volume was noted at 6.553 million. Furthermore, the market cap of BSX stock is 78.2 billion.
Daily Charts Shows BSX Stock Maintaining Bullishness
On the daily charts, BSX stock displayed a new 52-week high of $54.75 this week and continues to show buying of the stock. Furthermore, substantial volume has also been noted, indicating investors’ interest in the stock and willingness to propel further bullishness.
BSX stock is trading in uncharted territory, beyond the key moving averages above the mark of $50. The stock was corrected and retested in the strong demand zone near $35 in the past months. Afterwards, buyers showed an aggressive move, led a sharp one-way reversal in the stock, and attained renewed bullishness. This reversal rewarded its investors, as the stock broke its high of $50 and marked a new 52-week high.
Short-Term Charts of BSX stock
On the 4-hour charts, BSX stock is taking a pause near the lower trendline of the and is waiting for a further bounce.
The Relative strength index (RSI) curve of BSX stock is near 45, showing a sharp fall from the overbought zone, conveying a profit booking move in the last trading session.
The MACD indicator also points to a bearish crossover and giving up of gains resulting in red bars shows signs of selling in the stock.
Conclusion:
BSX stock is currently displaying strong bullish momentum, supported by its ability to consistently trade above its lower trendline. This indicates a notable presence of buyers in the market and further reinforces the prevailing bullish sentiment.
Technical Levels:
Support Levels:$50
Resistance Levels:$55 and $58
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/27/can-bsx-stock-nyse-bsx-sustain-its-impressive-momentum/