Wednesday's IBD 50 Growth Stocks To Watch pick, gold miner Harmony Gold Mining, is trying to break out past its latest buy point. That makes Harmony stock one of the best stocks to watch right now.
Harmony Gold has gold operations in South Africa, Papua New Guinea and Australia.
Gold prices have shot up more than 46% year to date as investors seek a safe haven from geopolitical and macroeconomic instability. Meanwhile, central banks have continued their purchases of gold as a hedge against the U.S. dollar.
Meanwhile, Harmony Gold significantly expanded its copper portfolio when it announced the acquisition of MAC Copper on May 27.
In late August, Harmony said its fiscal 2025 earnings jumped 30% to $1.30 per share, up from $1 per share in 2024. For fiscal-year 2026, the company's earnings are expected to surge 95%, followed by a 5% increase in 2027, according to IBD MarketSurge.
Harmony Stock Breaks Out
Harmony stock early Wednesday briefly topped an 18.77 buy point in a cup base, per IBD MarketSurge chart analysis. Shares are just below that buy trigger in midday trading. The 5% buy zone runs up to 19.71.
At Wednesday's high price of 18.82, shares had rallied 129% on the year, far above the S&P 500's more than 13% year-to-date return.
Harmony stock boasts a perfect 99 IBD Composite Rating, according to IBD Stock Checkup. That makes the gold stock leader one of the best names to watch in the ongoing stock market rally.
With IBD's recommended equity exposure range of 80%-100%, investors have the flexibility to buy breakouts among top stocks.
The company's relative strength line reached its highest level since early May on Wednesday, confirming that Harmony is starting to show strong stock market outperformance. The RS line measures a stock's price performance vs. the S&P 500 and provides insight into a stock's leadership status.
Harmony stock has a 21-day average true range, or ATR, of 5.22%. The average true range is a metric available on IBD's MarketSurge that gauges the characteristic breadth of a stock's behavior. Stocks with a high ATR tend to make large price moves that can trigger sell rules. Stocks with lower ATRs tend to make more incremental moves.
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Best Stocks To Watch
These three recent IBD 50 Growth Stocks To Watch picks are among the best stocks to watch:
| Company | Symbol | Buy point | Type of base |
|---|---|---|---|
| Palantir Technologies | 190 | Cup base | |
| Interactive Brokers | 68.07 | Cup base | |
| Arcutis Biotherapeutics | 17.75 | Cup base |
Source: IBD Data As Of Oct. 1
Follow Scott Lehtonen on X at @IBD_SLehtonen for more on the best stocks to buy and watch and the stock market.
