Trading Idea - Is Boston Scientific close to Support?

Published on Wednesday, 28 July 2010 06:56 Written by TradersHuddle Staff

New York, July 28th (TradersHuddle.com) - Shares of Boston Scientific Corporation (NYSE:BSX) are trading very close to calculated support at $5.82 with current price action closing at just $5.90 places the stock price near levels where traders will start paying attention.

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 $5.82 and by the resistance level at $6.62, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Boston Scientific's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $6.62 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.