On Monday, Carpenter Technology hit a key technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 75 the day before.
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IBD's unique 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.
Over 100 years of market history shows that the best stocks tend to have an RS Rating north of 80 in the early stages of their moves.
Carpenter Technology is working on a consolidation with a 290.84 entry. See if the stock can break out in volume at least 40% above average.
Carpenter Technology posted 21% EPS growth last quarter, while sales growth came in at -5%. Look for the next report on or around Oct. 23.
Carpenter Technology earns the No. 2 rank among its peers in the Steel-Specialty Alloys industry group. ATI is the top-ranked stock 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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