– James F. Taulman, former Editor-in-Chief of the first independently licensed website to offer stock reports and services based on the CAN SLIM® investment system.
4:15 PM – BREAK OUT UPDATE
Boston Scientific Corporation (NYSE – BSX)
Boston Scientific Corporation, doing business as Boston Scientific, is a manufacturer of medical devices used in interventional medical specialties, including interventional radiology, interventional cardiology, peripheral interventions, neuromodulation, neurovascular intervention, electrophysiology, cardiac surgery, vascular surgery, endoscopy, oncology, urology and gynecology.
9/15 UPDATE: Closed the previous week on a bullish note as it gained nearly +2% on that Friday while volume was slightly above average. Shares closed that week at a new all-time high.
| SYM | LAST | ADDED TO WATCH LIST | BREAKOUT PRICE |
BREAKOUT DATE |
| BSX | $43.45 | 8/4/19 | $43.63 | 9/6/19 |
Chart services courtesy of stockcharts.com. Annotations by James Taulman.
| MAX BUY PRICE | 1st SUPPORT | 2nd SUPPORT | MAX STOP LOSS GUIDE | % GAIN/LOSS |
| $45.81 | was: $43.00 now: $41.00 |
was: 50 DMA now: $40.00 |
$40.14 | -4.17% |
That all reversed on Monday as 1) the stock sold off nearly -4%, 2) with an increase in volume, 3) broke the 50-day line and 4) closed near the session lows. That negative trading action coupled with the technical violations was a clear SELL signal.
With that type of single-session technical damage, it was no surprise to see shares open the next morning with a gap down, then trade even lower.
BSX did start to positively reverse later that morning with a bounce from support offered by the round-$40. That carried the gains through Thursday, and even briefly back above the 50-day line to close with a slight loss. On Friday, shares gave up another -1%, albeit in lighter turnover.
For those who continue to hold or may have bought the bounce – any continued weakness would be another SELL signal, exiting the position with a loss within the guidelines (~ -5%).
NOTE: Get updates like this on all 7 of September’s breakouts – and my watchlist for next week – by requesting a complimentary copy of this week’s Sunday Stock Report here.
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About the Founder: James F. Taulman – James served as Editor-in-Chief of the first independently licensed website that offered stock reports and services based on the CAN SLIM® investment system. He has developed a knack for being able to quickly and accurately analyze high-ranked stocks based on this winning investment strategy. Over the years, Mr. Taulman has enjoyed assisting individuals from professional money managers to private investors with their needs in relation to implementing this investment approach on a daily basis in the current marketplace. Each Sunday you could hear him deliver his weekly market report as part of the “Your Money Matters” radio program on ABC and CBS radio networks.
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