In a welcome move, Gates Industrial stock saw its Relative Strength Rating improve from 65 to 79 on Thursday.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks compares to other publicly traded companies.
Decades of market research reveals that the stocks that go on to make the biggest gains often have an RS Rating north of 80 as they begin their biggest runs. See if Gates Industrial stock can continue to rebound and hit that benchmark.
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Is Gates Industrial Stock A Buy?
Gates Industrial stock is within a buy range after climbing above a 13.72 entry in a saucer with 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..
Taking a look at top and bottom line numbers, the company has posted rising EPS growth over the last four quarters. Top line growth has been less impressive, coming in at -3% in the latest report.
Gates Industrial stock holds the No. 10 rank among its peers in the Electrical Power/Equipment industry group. nVent Electric and Hubbell are also among the group's highest-rated stocks.
