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 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance level.
Shares of BSX have been moving higher over the past four weeks, up 6.5%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that BSX could be poised for a continued surge.
Once investors consider BSX's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 10 higher, and the consensus estimate has increased as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on BSX for more gains in the near future.
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Boston Scientific Corporation (BSX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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