Boston Scientific near Key Resistance Area

Published on Friday, 12 March 2010 18:00 Written by Danny Miller

New York, March 12th (TradersHuddle.com) - Shares of Boston Scientific Corporation (NYSE:BSX) are trading very close to calculated resistance at $8.03 with the current price action closing at just $7.78 placing the stock near levels that make it difficult to buy.

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 current stock range is defined by current calculated support defined at $7.19 and by the resistance level at $8.03, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Boston Scientific, as the stock is well above support, however, as the stock pulls back towards $7.19 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $8.03 then traders will get an opportunity to enter Boston Scientific stock by establishing a position as the stock moves to a higher range.