To review Boston’s stock, please take a look at the 1-year chart of BSX (Boston Scientific Corporation) below with my added notations:
BSX has been trading sideways for the last 5 months. Over that period of time the stock has formed a resistance area around $14 (red). In addition, the stock has also created a strong level of support at $12.50 (blue) that was also a resistance back in October. At some point the stock will have to break out of its current consolidation.
The Tale of the Tape: BSX has levels of support at 12.50 and resistance at $14. The possible long positions on the stock would be either on a pullback to $12.50, or on a breakout above $14. The ideal short opportunity would be on a break below $12.50.
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