In a welcome move, Enbridge saw its Relative Strength Rating improve from 70 to 73 on Wednesday.
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IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the last 52 weeks holds up against all the other stocks in our database.
Over 100 years of market history shows that the stocks that go on to make the biggest gains tend to have an RS Rating of at least 80 in the early stages of their moves. See if Enbridge can continue to show renewed price strength and clear that threshold.
Enbridge is within a buy range after climbing above a 47.44 buy point in a cup without handle. The proper buying range is up to 5% above the initial entry. Once a stock hits that benchmark, it's best to hold off investing and wait for it to set up another buying opportunity..
The company posted 12% earnings growth last quarter, while sales growth came in at 31%.
The company earns the No. 3 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. Hess Midstream 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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