Tuesday, November 28, 2017 12:15:40 PM
This morning, leading medical device maker, Boston Scientific Corp (NYSE:BSX), is trading lower by 4.1 percent. The negative news for the stock is that the company pulled out of a Piper Jaffray Healthcare Conference today.
Either way, the shares are down and the stock is now trading below its 50 and 100-day moving average. Whenever a stock trades below these critical moving averages it puts the stock in a weak technical position. Traders must now look lower for major chart support. The next major support area would be around the $25.00 level. This area is where the stock broke out in April 2017. Often, when prior break-out levels are tested they will be defended by the institutional money traders. Traders should keep BSX on the radar when it trades around the $25.00 area.
Nicholas Santiago
InTheMoneyStocks
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