After reaching an important support level, Boston Scientific (BSX) could be a good stock pick from a technical perspective. BSX surpassed resistance at the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Shares of BSX have been moving higher over the past four weeks, up 5.7%. 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 1 higher, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should 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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