Commercial Metals saw a welcome improvement to its Relative Strength (RS) Rating on Thursday, rising from 68 to 71.
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IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks compares to the rest of the market.
History reveals that the best stocks tend to have an 80 or better RS Rating as they begin their biggest runs. See if Commercial Metals can continue to rebound and clear that threshold.
Commercial Metals has risen more than 5% past a 53.59 entry in a first-stage cup with handle, meaning it's now out of a proper buy range. Look for the stock to offer a new chance to pick up shares like a three-weeks tight or pullback to the 50-day or 10-week line.
Although earnings and sales growth came in at -27% and -3%, respectively, in the latest report, that showed improvement for both the top and bottom lines. Commercial Metals is expected to report its next quarterly numbers on or around Oct. 16.
Commercial Metals holds the No. 14 rank among its peers in the Metal-Fabricators industry group. Century Aluminum, Mueller Industries and Insteel Industries 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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