In a welcome move, Nucor saw its Relative Strength Rating improve from 68 to 72 on Thursday.
When you're researching the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's proprietary RS Rating measures technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database.
History reveals that the best-performing stocks typically have an RS Rating north of 80 in the early stages of their moves. See if Nucor can continue to rebound and hit that benchmark.
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Nucor is now considered extended and out of buy range after failing to clear a recent cup with handle pattern. See if the stock forms a new chart pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Although earnings and sales growth came in at -27% and -16%, respectively, in the latest report, that marked acceleration for both earnings-per-share and sales.
The company holds the No. 6 rank among its peers in the Steel-Producers industry group. Tenaris ADR and Steel Dynamics are also among the group's highest-rated stocks.
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