Is Boston Scientific Reversing?
Published on Wednesday, 30 May 2012 04:12 Written by TradersHuddle Wire
New York, May 30th (TradersHuddle.com) - Shares of Boston Scientific Corporation (NYSE:BSX) closed the trading day lower by $0.01 or -0.17% from its previous close. Boston Scientific's price action formed what is considered to be a doji close, where the open and close prices are very close to each other, mainly signaling an indecision between buyers and sellers.
Boston Scientific Corporation (NYSE:BSX) develops, manufactures, and markets minimally invasive medical device, which are used in interventional cardiology, cardiac rhythm management, and peripheral interventions, mong others.
Boston Scientific's trading range is defined by a trough, which marked calculated support at $5.78 and by a peak that set the resistance point at $6.37. These levels are closely watched by traders managing their positions.
Traders wanting to establish a position in Boston Scientific or traders that are already holding the stock can use the doji close to their advantage, since the pattern present a short-term pause in the stock's price action. This pause results in an entry point for traders depending of which way the stock resolves this short-term indecision.
The Doji is an important candlestick pattern that provides information on their own and as components in a number of important patterns. Doji form when a security's open and close are virtually equal. The length of the upper and lower shadows can vary and the resulting candlestick looks like a cross, inverted cross or plus sign. Alone, doji are neutral patterns.
Any bullish or bearish bias is based on preceding price action and future confirmation. In the case of Boston Scientific, given that the stock finished the session lower, bears should monitor the stock, as it could reverse if it manages to trade above its intraday high. Below a Doji illustration:
- Boston Scientific Long Term Data Demonstrate Bronchial Thermoplasty Treatment Benefits Persist Out to Five Years in Patients with Severe Asthma
- OrbusNeich seizes Boston Scientific stents in Germany as part of patent infringement proceedings
- Boston Scientific Presents Clinical Data at Digestive Disease Week®
- Boston Scientific Schedule of Major Events and Presentations at EuroPCR 2013
- First Patient Enrolled In Boston Scientific Randomized Study Comparing WallFlex® Biliary RX Stent To Absence Of Biliary Drainage In Patients With Pancreatic Or Periampullary Cancers
- OrbusNeich obtains additional preliminary injunction against Boston Scientific in Germany
- Boston Scientific Bullish Signs
- Boston Scientific Receives CE Mark Approval For The Rhythmia™ Mapping System
- New Four-Year Data From Boston Scientific Demonstrated WATCHMAN® Device Was Superior To Warfarin For Mortality And Primary Efficacy In Patients With Atrial Fibrillation In Long Term Follow-Up Of The PROTECT AF Trial
- Boston Scientific To Participate In The Bank Of America Merrill Lynch 2013 Healthcare Conference
Related Partner Headlines
- Boston Scientific Says Epic Stent Continues Positive Clinical Outcomes - Benzinga
- First Patient Enrolled in Boston Scientific REPRISE II TAVR Clinical Trial - Benzinga
- Boston Scientific Buys Rhythmia Medical; Sees Immaterial in FY13 and FY14 - Benzinga
- Boston Scientific Receives FDA Approval of First-in-Class S-ICD System for Patients at Risk of Sudden Cardiac Arrest - Benzinga
- Boston Scientific Inc. (BSX): Today's Featured Health Services Winner - TheStreet.com
- UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Lowers PO on Boston Scientific - Benzinga
- Boston Scientific Launches New Implantable Defibrillation Lead In Europe And Asia - Benzinga
- Boston Scientific to Acquire BridgePoint Medical - Benzinga
- Boston Scientific Inc. (BSX): Today's Featured Health Care Winner - TheStreet.com
- Boston Scientific WATCHMAN® Left Atrial Appendage Closure Device Receives CE Mark Approval For Expanded Use - Benzinga
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