The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/15/2024 -
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Boston Scientific (BSX) Technical Analysis

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Summary:
Weekly :Relative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtStochastic has declined below the signal lineBroken trend resistance lineBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the Boston Scientific (BSX). During the week, the BSX dropped -1.43 points, or -2.11%, and closed at 66.23 on Friday, March 15, 2024. It was the worst weekly loss since October 13, 2023. BSX was trading at average weekly trading volume.

Long-term trend: [See BSX long-term trend chart]
A long-term uptrend had started on July 26, 2012 at 4.79 and reached 68.06 on March 8, 2024. BSX gained -63.27 points, or -1320.88%, in 606 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (38.16) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 68.06 on March 8, 2024. BSX gained -33.08 points, or -94.57%, in 90 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (52.62) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. 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 relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See BSX short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 68.06 and reached 65.52 on March 14, 2024. BSX lost 2.54 points, or 3.73%, in 6 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 65.23 and resistance is at 67.14. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend.

Daily Technical Indicators: [See BSX daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

The daily MACD line is below its signal line since February 15, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (3.68%) is close to one year low (3.65%). It is 54.02% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 47.80
Williams' Percentage Range (W%R) 73.30
Lane's Stochastic (%D-Slow) 32.35
Greed/Fear Indicator (GFI) 35.63
Moving Average Converg./Diverg. (MACD) 1.09
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 89.89
Overbought
Williams' Percentage Range (W%R) 10.60
Overbought
Lane's Stochastic (%D-Slow) 93.53
Strong Overbought
Greed/Fear Indicator (GFI) 83.59
Overbought
Moving Average Converg./Diverg. (MACD) 3.01
Trading Signals
Description Value Chart
Monthly Trendline Resistance 68.91
Parabolic System 67.71
Upper Bollinger Band 67.53
Weekly Stochastic Crossing 67.45
Weekly Trendline Resistance 67.14
20 Day Moving Average 66.75
Daily Stochastic Crossing 66.51
Price 66.23
Weekly Trendline Support 65.23
Lower Bollinger Band 65.08
50 Day Moving Average 63.93
Monthly Trendline Support 63.55
Quarterly Trendline Resistance 60.42
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Equipment 81
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 65.52
Low Date 03/14/2024
High 66.90
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 67.14
Support 65.23
High 68.06
High Date 03/08/2024
Low 65.52
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 68.91
Support 63.55
Low 48.35
Low Date 10/13/2023
High 68.06
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 60.42
Support 52.62
Low 34.98
Low Date 06/16/2022
High 68.06
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 48.22
Support 38.16
Low 4.79
Low Date 07/26/2012
High 68.06
High Date 03/08/2024
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.