One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Phillips 66 cleared that benchmark Monday, with a jump from 79 to 86 Monday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against that of all other stocks.
History shows that the best stocks tend to have an RS Rating north of 80 as they launch their biggest price moves.
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While now is not an ideal time to invest, especially with earnings around the corner, see if the stock manages to establish and enter a buy zone in heavy trade.
While revenue growth fell last quarter from 100% to 67%, the bottom line grew 213%, up from 0% in the previous report. The next quarterly numbers are expected on or around Aug. 3.
The company holds the No. 9 rank among its peers in the Oil & Gas-Refining/Marketing industry group. H F SinclairCorp and Adams Res & Energy are also among the group's highest-rated stocks.
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