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On July 17 we mentioned that a double top pattern formed on the chart of Boston Scientific Corp. (NYSE:BSX). We noted that this pattern is used by the bears to suggest that the downtrend would continue and that short-term traders would watch for a build up in selling pressure. As you can see from the chart below, the stock was pushed dramatically lower after it fell below the $15.25 support. The good news for the bulls is that they've managed to recoup some of the loss over the past few weeks. However, I don't think they're out of the woods yet. There is still plenty of overhead resistance (200-day moving average, resistance from the double top etc) standing in the way of a move higher. It wouldn't be surprising to see the bears step in and push the stock back toward the August low.



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