On Friday, Enovix cleared a key technical benchmark, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 93, up from 89 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating tracks technical performance by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history shows that the best stocks tend to have an RS Rating of over 80 in the early stages of their moves.
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Enovix is currently building a consolidation with a 15.58 entry. Yesterday's move higher was on heavier volume. Now let's see if the stock can break out in continued heavier volume of preferably 40% above average.
The company reported 0% EPS growth in its most recent report, while sales growth came in at 0%.
The company earns the No. 21 rank among its peers in the Electrical Power/Equipment industry group. Powell Industries, Vertiv Holdings and Hubbell are among the top 5 highly rated stocks within the group.
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