Boston Scientific (BSX) Just Overtook the 20-Day Moving Average
Boston Scientific (BSX) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, BSX crossed above the 20-day moving average, suggesting a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, BSX has gained 5.5%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case only gets stronger once investors take into account BSX's positive earnings estimate revisions. There have been 10 revisions higher for the current fiscal year compared to none lower, and the consensus estimate has moved up as well.
Investors may want to watch BSX for more gains in the near future given the company's key technical level and positive earnings estimate revisions.
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Boston Scientific Corporation (BSX) : Free Stock Analysis Report
