Medical device maker Boston Scientific (NYSE:BSX) was trading lower by 4.1 percent on news that the company pulled out of a Piper Jaffray Healthcare Conference on Tuesday.
Support To Watch
Either way, the shares are down and the stock is now trading below its 50- and 100-day moving average. Whenever a stock trades below these critical moving averages it puts the stock in a weak technical position. Traders must now look lower for chart support. The next major support area would be around $25, which is where the stock broke out in April 2017. Often, when prior break-out levels are tested, they will be defended by the institutional money traders. Keep BSX on your radar when it reaches the $25 area.