Market View / Boston Scientific Update
The Straits Times Index
The threat of a Head & Shoulder pattern was invalidated by the rally that started on December 21. The rally broke resistance line B where it has now become a support. The support was tested twice the last four sessions. If the support holds, a new uptrend could have been born. The immediate target will be the last significant high at 3,313. If the support fails, line C will be the downside target.
Frankly, I am a little surprise on the outcome as the Head & Shoulder pattern was a text book fashion. That's why we often hear 'trade what you see and not what you think'.
The threat of a Head & Shoulder pattern was invalidated by the rally that started on December 21. The rally broke resistance line B where it has now become a support. The support was tested twice the last four sessions. If the support holds, a new uptrend could have been born. The immediate target will be the last significant high at 3,313. If the support fails, line C will be the downside target.
Frankly, I am a little surprise on the outcome as the Head & Shoulder pattern was a text book fashion. That's why we often hear 'trade what you see and not what you think'.
Boston Scientific ( NYSE : BSX ) US$ 7.53
BSX rose 25 cents in one week. More upside expected !
Labels: Market Direction, Stock Pick
posted by Market Wizards @ January 15, 2011
Comments: 0
