Webster Financial saw a positive improvement to its Relative Strength (RS) Rating on Thursday, rising from 76 to 88.
IBD's unique RS Rating measures 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.
History reveals that the best stocks often have an RS Rating of at least 80 in the early stages of their moves.
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Webster Financial is now considered extended and out of buy range after clearing a 53.39 buy point in a first-stage consolidation. See if the stock forms a new 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 -14% and -4%, respectively, in the latest report, that showed improvement for both the top and bottom lines.
The company holds the No. 32 rank among its peers in the Banks-Northeast industry group. Amalgamated Financial, Chain Bridge Bancorp and Metropolitan Bank are among the top 5 highly rated stocks within the group.
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