Boston Scientific A Big Mover
Gary S. Morrow | Apr 15, 2021 03:28PM ET
Boston Scientific Corp (NYSE:BSX) is surging today. Shares were up more than 3% at midday following positive analyst comments: “Atlantic equities started coverage with an Overweight rating and a $52 price target. The stock traded near $41 on Thursday, in a 52-week range of $32.99 to $42.37. The consensus analyst target is $43.40.”
Today’s gain is driving the stock past the March peak and into new 2021 high territory. We believe BSX is set up well for a fresh rally leg.
Despite trading near the Q3/Q4 2020 highs, the stock remains well below overbought levels (daily/MACD).
Solid footing is in place at last week’s low (upward sloping 50-day moving average).
Layers of support are now in place. Multi-week highs in February and March = $39.70-$40.15.
On the downside, a close back below $38.00 would violate last week’s lows, sending a clear warning sign that more consolidation is ahead.
Boston Scientific is slated to release earnings (Q1 results) on April 28 before the open.
Note: We have no position.
You can read Gary S. Morrow's original post here.
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