Northern Oil & Gas saw a welcome improvement to its Relative Strength (RS) Rating on Wednesday, with an increase from 67 to 73.
IBD's unique RS Rating identifies technical performance by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history reveals that the market's biggest winners often have an RS Rating of above 80 in the early stages of their moves. See if Northern Oil & Gas can continue to rebound and hit that benchmark.
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Northern Oil & Gas broke out earlier, but is now trading approximately 3% below the prior 43.80 entry from a consolidation. In the scenario where a stock breaks out then falls 7% or more below the entry price, it's considered a failed breakout. If that happens, it's best to wait for a new pattern to take shape. Also understand that the most recent pattern is a later-stage base, and such bases are more prone to failure.
Earnings growth dropped in the most recent quarter from -2% to -19%. But revenue gains moved higher, from 18% to 140%.
Northern Oil & Gas earns the No. 9 rank among its peers in the Oil&Gas-U.S. Exploration & Production industry group. PrimeEnergy Resources, Crescent Energy and Riley Exploration Permn are among the top 5 highly rated stocks within the group.
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