Nucor saw a welcome improvement to its Relative Strength (RS) Rating on Wednesday, with an increase from 64 to 71.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This exclusive rating from Investor's Business Daily tracks share price action with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the trailing 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history shows that the market's biggest winners typically have an RS Rating north of 80 as they begin their largest price moves. See if Nucor can continue to show renewed price strength and hit that benchmark.
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While the stock is not near an ideal entry right now, see if it manages to form and break out from a proper chart pattern while seeing an increase in trading volume.
The company showed 92% EPS growth in the latest quarterly report. Sales gains came in at 34%. Look for the next report on or around Oct. 21.
Nucor holds the No. 5 rank among its peers in the Steel-Producers industry group. Tenaris and Huadi International Grp are also among the group's highest-rated stocks.
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