The Relative Strength (RS) Rating for Western Digital stock moved up into a higher percentile Friday, as it got a lift from 66 to 71.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique rating tracks price movement with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
Decades of market research reveals that the best-performing stocks tend to have an RS Rating of at least 80 as they launch their biggest price moves. See if Western Digital stock can continue to show renewed price strength and clear that threshold.
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Is Western Digital Stock A Buy?
Western Digital stock broke out earlier, but has fallen back below the prior 40.74 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 pattern to take shape. Also understand that the latest pattern is a later-stage base, which makes it riskier to establish a new position or add shares to an existing one.
The computer data storage firm reported 0% earnings growth last quarter, while sales growth came in at -36%.
Western Digital stock holds the No. 7 rank among its peers in the Computer Software-Storage industry group. SMART Global Holdings and NetApp are also among the group's highest-rated stocks.
