When looking for the best stocks to buy and watch, focus on those with rising relative price strength.
One stock that fits that bill is Cleveland-Cliffs stock, which had its Relative Strength (RS) Rating upgraded from 76 to 89 Monday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating tracks market leadership 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 the rest of the market.
Over 100 years of market history shows that the best stocks typically have an 80 or better RS Rating in the early stages of their moves.
See How IBD Helps You Make More Money In Stocks
Is Cleveland-Cliffs Stock A Buy?
Cleveland-Cliffs stock has pulled back along with the stock market correction. The steel producer is currently trading below its 50- and 200-day moving average and not offering a proper buying opportunity. See if the stock goes on to build a base that could launch a new move. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
The steel producer firm showed 389% earnings growth in the latest quarterly report. Revenue rose 47%.
Cleveland-Cliffs stock earns the No. 7 rank among its peers in the Steel-Producers industry group. Steel Dynamics and Huadi International Grp are also among the group's highest-rated stocks.
