Boston Scientific Looks Promising
Kay Kim | Jan 05, 2017 10:31PM ET
If you’ve been following my articles on Boston Scientific (NYSE:BSX), I’ve been trading this to the upside since $13.23 as BSX has been producing biggest gains in my portfolio since early-2015.
After closing all of my call positions at $24.40 in early-September, I’ve waited about 2-months for a re-entry as I was anticipating the corrections.
Through my long-term analysis I came to a conclusion that even after the correction, I believed that Boston Scientific is ready to resume back up well above the $24-level.
So, I patiently waited for my entry at around “20” price-level as I’ve tweeted out back in November 1st.
After my re-entry at “$20.49″, the stock initially dipped as low as $19.70 before bouncing back up.
You can see in the chart below that we are now cultivating a brand-new uptrend as the “20EMA” is now rising back up.
As long as we stay above the “20EMA” on this daily-chart, I do believe that the trend may continue to the upside and we may retest “20EMA” as it moves higher.
This is the current resistance buyers must overcome for BSX to continue to move higher, however, if we see a pullback in this vicinity, I would watch the “20EMA” on the daily for a possible bounce.
And if we see a further decline below the “20EMA,” I would say 20 price-level will be an important level for a support.
*My next two targets are $23.50ish & $24.40ish.
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Disclosure: I am currently holding BSX Calls (LEAPS) at the time of this article
/h3
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