On Wednesday, Magna International reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 81, up from 77 the day before.
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This unique rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against that of all other stocks.
Decades of market research shows that the top-performing stocks typically have an RS Rating north of 80 in the early stages of their moves.
Magna International is still within a buy range after clearing a 43.64 entry in a cup with handle. Once a stock moves 5% or higher beyond the initial entry, it's considered out of a proper buying area.
Earnings grew 7% last quarter, up from -28% in the prior report. Revenue also increased, from -8% to -3%.
The company earns the No. 16 rank among its peers in the Auto/Truck-Original Equipment industry group. Hesai Group ADR, Visteon and Adient 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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