Boston Scientific (BSX) is a leading developer, manufacturer and marketer of medical devices. The stock has been struggling since October 12, 2020 when it traded as high as $42.13 a share. Since that high pivot, the stock has declined to the $33.00 level. Boston Scientific (BSX) stock has now traded below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the daily chart. It also suggests lower share prices are in the cards near term.
The next major level for Boston Scientific (BSX) stock will be around the $30.00 level. This support area is where the stock pivoted and broke out in early April 2020. A backtest of this level will usually be defended by the institutional crowd. There is also an important retrace level around the $30.00 area making this a very solid support level. I will be looking for a long trade in Boston Scientific (BSX) stock when this level is tested.
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