On Wednesday, Novo Nordisk cleared an important technical benchmark, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 91, up from 89 the day before.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength. IBD's unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the trailing 52 weeks holds up against all the other stocks in our database.
Over 100 years of market history reveals that the best stocks typically have an 80 or higher RS Rating in the early stages of their moves.
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Novo Nordisk ADR is trying to complete a consolidation with a 122.26 entry. It hit it briefly yesterday before fading. Again today it broke through before falling back. See if the stock can break out in volume at least 40% higher than normal and keep the gains.
Earnings Report
Earnings growth rose last quarter from -1% to 2%. But revenue gains fell from 10% to 8%.
Novo Nordisk ADR holds the No. 5 rank among its peers in the Medical-Ethical Drugs industry group. Merck and AbbVie are among the top 5 highly rated stocks within the group.
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