Freyr Battery had its Relative Strength (RS) Rating upgraded from 70 to 78 Thursday -- a welcome improvement. But still below the 80 or better score you look for.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's proprietary RS Rating measures 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.
Decades of market research shows that the market's biggest winners typically have an RS Rating of over 80 in the early stages of their moves. See if Freyr Battery can continue to rebound and clear that threshold.
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Freyr Battery stock has climbed more than 5% past a 10.25 entry in a first-stage cup with handle, 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 line.
Earnings Notes
Freyr Battery showed -71% EPS growth in the latest quarterly report, while sales growth came in at 0%.
The company earns the No. 24 rank among its peers in the Energy-Alternative/Other industry group. Brookfield Ren Corp and Kenon are also among the group's highest-rated stocks.
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