On Wednesday, Nucor stock hit an important technical milestone, with its Relative Strength (RS) Rating moving into the 80-plus percentile with an improvement to 82, up from 70 the day before.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
This exclusive rating from Investor's Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database.
Decades of market research shows that the best-performing stocks often have an 80 or higher RS Rating in the early stages of their moves.
Looking For Winning Stocks? Try This Simple Routine
Is Nucor Stock A Buy?
Nucor stock is now considered extended and out of buy range after clearing a 179.29 buy point in a third-stage flat base. See if the industrial stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
While earnings growth fell in the company's most recently reported quarter from -27% to -31%, sales rose -12%, up from -16% in the prior report.
Nucor stock earns the No. 2 rank among its peers in the Steel-Producers industry group. Nucor and Steel Dynamics are also among the group's highest-rated stocks.
