On Monday, Raytheon Technologies hit a key performance benchmark, with its Relative Strength (RS) Rating moving into the 80-plus percentile with an improvement to 80, a rise from 68 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
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 other publicly traded companies.
History reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of over 80 in the early stages of their moves.
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While Raytheon Technologies is not near an ideal entry right now, it is still inside a buying area from an earlier cup with handle pattern. Maybe see if it goes on to form and break out from a new base.
Raytheon Technologies saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -4% to 18%. Revenue rose from 5% to 6%.
The company earns the No. 18 rank among its peers in the Aerospace/Defense industry group. Heico Corp and Teledyne Technologies are also among the group's highest-rated stocks.
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