On Thursday, Archrock hit an important technical milestone, with its Relative Strength (RS) Rating climbing into the 80-plus percentile with an upgrade to 86, an increase from 80 the day before.
IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
History shows that the market's biggest winners often have an 80 or higher RS Rating in the early stages of their moves.
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Archrock is trading within a buy zone after clearing a 21.87 entry in a cup with handle. The proper buying range extends to 5% above the initial entry. Once a stock hits that benchmark, it's best to wait for it to set up another buying opportunity.
Archrock reported 38% earnings growth in its most recent report, while sales growth came in at 9%. The company is expected to report its latest performance numbers on or around Nov. 11.
Archrock holds the No. 2 rank among its peers in the Oil & Gas-Machinery/Equipment industry group. Chart Industries is the No. 1-ranked stock within the group.
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