One important metric to look for in a stock is an 80 or higher Relative Strength Rating. ATI cleared that benchmark Wednesday, with a jump from 74 to 84 Wednesday.
IBD's proprietary RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against that of all other stocks.
Over 100 years of market history shows that the stocks that go on to make the biggest gains often have an 80 or better RS Rating in the early stages of their moves.
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ATI is building a consolidation with a 68.92 buy point. See if the stock can clear the breakout price in heavy trading. Keep in mind that it's a later-stage consolidation, and those are riskier than earlier-stage patterns.
Earnings grew 23% last quarter, up from -6% in the prior report. Revenue also increased, from 2% to 10%.
The company earns the No. 1 rank among its peers in the Steel-Specialty Alloys industry group. Carpenter Technology and Ascent Industries are also among the group's highest-rated stocks.
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