On Wednesday, Brookfield Renewable stock got a positive adjustment to its Relative Strength (RS) Rating, from 80 to 87.
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IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research reveals that the market's biggest winners tend to have an RS Rating of over 80 in the early stages of their moves.
Is Brookfield Renewable Stock A Buy?
Brookfield Renewable stock cleared a cup-with-handle pattern with 26.67 entry point on Tuesday. It's pulled back slightly, but is still within the buying range.
The alternative energy company reported negative growth for both the top and bottom lines last quarter. Brookfield Renewable is expected to report its next quarterly numbers on or around Aug. 1.
Brookfield Renewable stock earns the No. 16 rank among its peers in the Energy-Alternative/Other industry group. Bloom Energy, Enlight Renewable Energy and Centrus Energy are among the top 5 highly rated stocks within the group.
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