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Trade Setup Alert, Boston Scientific Corporation

|Includes:Boston Scientific Corporation (BSX)

Over the past week Boston Scientific Corporation (NYSE:BSX) has been forming a bearish pattern. As you can see in the chart below, it is now trading below the 20, 50 and 200 daily moving averages. Over the last few trading days Boston Scientific Corporation (NYSE:BSX) has been unable to trade above the wide range red candle put in place on August 7th.

Now is a time for the active trader to consider entering a short position on the stock. Should you take this short trade on Boston Scientific Corporation (NYSE:BSX), the downside target will be $11.93. At that level traders should take profits. Your stop out level will be any daily close above $12.83 which makes for a great risk/reward trade as the stock is currently trading at $12.59.

(click to enlarge)Click to enlarge

Kiliam Lopez

Stocks: BSX