The Greedy Trader Weekly Analysis
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Yearly Pattern:Ascending Triangle
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Chart Analysis and Chart Pattern Recognition – Ascending Triangle Pattern

The ascending triangle pattern is a variation of symmetrical triangle formation that has a flat resistance line and a rising support line. The higher lows indicate the increasing demand and give the ascending triangle definitive bullish bias. The ascending triangle usually represents an accumulation stage in bullish market. The ascending triangle is considered as a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Volume usually increases on a breakout move. After breakout (similar to rectangle), resistance may turn into potential support and vice versa.
Ascending Triangle Screening page presents a list of stocks forming an Ascending Triangle Pattern.
Tips:
# 1As a continuation pattern, an ascending triangle usually appears within a young trend, characterized by neutral long-term indicators and overbought short-term indicators. An ascending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, an ascending triangle appears in a mature downtrend, characterized by oversold short-term and long-term indicators. This situation usually generates bullish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.

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- 4/26/2024 -
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Boston Scientific (BSX) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionRelative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtOversold sector
Daily :Williams' Percentage Range is overboughtDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price is above the upper Bollinger Band
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It was a first positive week for the Boston Scientific (BSX). During the week, the BSX gained 5.84 points, or 8.67%, and closed at 73.17 on Friday, April 26, 2024. Weekly volume was 36% above average.

BSX is a member of Health Care Sector. Health Care is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See BSX long-term trend chart]
A long-term uptrend had started on July 26, 2012 at 4.79 and reached 74.39 on April 24, 2024. BSX gained -69.60 points, or -1453.03%, in 612 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (38.50) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See BSX medium-term trend chart]
A medium-term uptrend had started on June 16, 2022 at 34.98 and reached 74.39 on April 24, 2024. BSX gained -39.41 points, or -112.66%, in 96 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (53.80) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See BSX weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See BSX short-term trend chart]
A short-term uptrend had started on April 22, 2024 at 66.80 and reached 74.39 on April 24, 2024. BSX gained -7.59 points, or -11.36%, in 2 days. The price is now at the 16.07% retracement level.

Daily Technical Indicators: [See BSX daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.56
Williams' Percentage Range (W%R) 19.90
Overbought
Lane's Stochastic (%D-Slow) 78.21
Greed/Fear Indicator (GFI) 77.62
Moving Average Converg./Diverg. (MACD) 0.67
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 84.84
Overbought
Williams' Percentage Range (W%R) 7.40
Strong Overbought
Lane's Stochastic (%D-Slow) 83.42
Overbought
Greed/Fear Indicator (GFI) 80.21
Overbought
Moving Average Converg./Diverg. (MACD) 3.69
Trading Signals
Description Value Chart
Daily Stochastic Crossing 73.26
Price 73.17
Upper Bollinger Band 72.91
Weekly Stochastic Crossing 72.65
Monthly Trendline Resistance 70.50
20 Day Moving Average 68.88
Parabolic System 68.19
50 Day Moving Average 67.77
Monthly Trendline Support 67.67
Lower Bollinger Band 65.53
Quarterly Trendline Resistance 61.60
Sector and Industry
Description Name Rank
Sector Health Care 2
Industry Health Care Equipment 46
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 66.80
Low Date 04/22/2024
High 74.39
High Date 04/24/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 66.80
Low Date 04/22/2024
High 74.39
High Date 04/24/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 70.50
Support 67.67
Low 48.35
Low Date 10/13/2023
High 74.39
High Date 04/24/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 61.60
Support 53.80
Low 34.98
Low Date 06/16/2022
High 74.39
High Date 04/24/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 48.26
Support 38.50
Low 4.79
Low Date 07/26/2012
High 74.39
High Date 04/24/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.