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.
The 50-day simple moving average, which is one of three major moving averages, is widely used by traders and analysts to establish support and resistance levels for a range of securities. Because it's the first sign of an up or down trend, the 50-day is considered to be more important.
Shares of BSX have been moving higher over the past four weeks, up 7.2%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that BSX could be poised for a continued surge.
The bullish case only gets stronger once investors take into account BSX's positive earnings estimate revisions. There have been 12 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Investors should think about putting BSX on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
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