On Thursday, Canadian Solar earned a positive adjustment to its Relative Strength (RS) Rating, from 63 to 71.
How To Invest In Stocks In Both Bull And Bear Markets
IBD's unique RS Rating tracks market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks compares to other publicly traded companies.
Over 100 years of market history reveals that the best-performing stocks typically have an 80 or higher RS Rating in the early stages of their moves. See if Canadian Solar stock can continue to rebound and hit that benchmark.
Is Canadian Solar Stock A Buy?
Canadian Solar stock broke out earlier with 13.35 entry point from a double bottom. It's still within the buying range, but be cautious off adding stocks on a market selloff day. If a stock you're tracking clears a buy point then falls 7% or more below the original entry price, it's considered a failed base. Wait for the stock to set up and breakout from a new base and buy point. 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 solar energy company showed 0% EPS growth in the latest quarterly report. Revenue rose 4%.
Canadian Solar stock holds the No. 16 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.
