On Tuesday, Canadian Solar cleared a noteworthy technical benchmark, with its Relative Strength (RS) Rating entering into the 80-plus percentile with an upgrade to 82, up from 79 the day before.
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IBD's unique RS Rating measures technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the best stocks often have an RS Rating north of 80 in the early stages of their moves.
Canadian Solar has climbed more than 5% past a 13.35 entry in a first-stage double bottom, meaning it's now out of a proper buy range. Look for the stock to create a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week moving average.
The company showed 0% earnings growth in its most recent report, while sales growth came in at 4%.
Canadian Solar holds the No. 15 rank among its peers in the Energy-Solar industry group. Nextracker, Sunrun and First Solar are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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