When putting together your watch list, look for stocks with an 80 or higher RS Rating. Scorpio Tankers is one stock that just reached the mark, now earning a score of 84.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating tracks technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating north of 80 as they begin their biggest climbs.
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Is Scorpio Tankers Stock A Buy?
Scorpio Tankers stock broke out earlier, but has fallen back below the prior 57.55 entry from a cup with handle. 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 base to form. Also understand that the latest consolidation is a later-stage base, and those involve more risk.
The oil & gas transportation company posted negative growth for both the top and bottom lines last quarter.
Scorpio Tankers stock holds the No. 25 rank among its peers in the Oil & Gas-Transportation/Pipeline industry group. Frontline and Dorian LPG are also among the group's highest-rated stocks.
