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 ConocoPhillips, which had its Relative Strength (RS) Rating upgraded from 75 to 81 Friday. As mentioned by David Ryan on this mornings IBD Live show, Oil and related industries seem to be holding up better in the current market environment.
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 technical performance by showing how a stock's price action over the last 52 weeks compares to that of other stocks on the major indexes.
Decades of market research shows that the best stocks often have an RS Rating of over 80 as they begin their biggest price moves.
See How IBD Helps You Make More Money In Stocks
ConocoPhillips is working on a consolidation with a 138.49 buy point. It is acting similar to Valero Energy, another energy stock. See if it can break out in volume at least 40% higher than normal. Note that it's a fourth-stage base. Such later-stage patterns involve more risk and are more likely to fail than first- or second-stage formations.
ConocoPhillips posted negative growth for both sales and earnings last quarter.
ConocoPhillips holds the No. 8 rank among its peers in the Oil & Gas-International Exploration & Production industry group. Vista Energy ADR and Ovintiv are also among the group's highest-rated stocks.
Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks
