On Wednesday, Wheaton Precious Metals got a positive adjustment to its Relative Strength (RS) Rating, from 79 to 85 following a positive move up on Tuesday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains often have an RS Rating of over 80 as they launch their biggest price moves.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to establish and enter a buying range in heavy trade. On the plus side the stock gapped up at the open today. It could be forming the right-side of a new pattern, so the stock is worth adding to your watchlist.
Earnings Details
Wheaton Precious Metals posted negative growth for both the top and bottom lines last quarter.
The company holds the No. 13 rank among its peers in the Mining-Gold/Silver/Gems industry group. Caledonia Mining and MAG Silver are also among the group's highest-rated stocks.
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