On Wednesday, Magellan Midstream stock hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 79 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating identifies market leadership by showing how a stock's price action over the last 52 weeks compares to that of other stocks on the major indexes.
Over 100 years of market history shows that the best-performing stocks typically have an 80 or better RS Rating as they launch their biggest runs.
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Is Magellan Midstream Stock A Buy?
Magellan Midstream stock is working on a wide consolidation with a 53.95 entry. See if it can break out in heavy trade. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
The oil & gas firm saw both earnings and sales growth rise last quarter. Earnings-per-share increased from 9% to 27%. Revenue rose from 11% to 45%. Keep an eye out for the company's next round of numbers on or around Apr. 29.
Magellan Midstream stock holds the No. 18 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. DCP Midstream and Energy Transfer Equity are also among the group's highest-rated stocks.
