Snap-On saw a welcome improvement to its Relative Strength (RS) Rating on Friday, with an upgrade from 69 to 72.
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IBD's proprietary RS Rating tracks market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks stacks up against all the other stocks in our database.
Decades of market research shows that the top-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves. See if Snap-On can continue to rebound and clear that threshold.
Snap-On is trying to complete a consolidation with a 373.89 entry. See if the stock can clear the breakout price in volume at least 40% higher than normal. Be aware that it's a first-stage base. Such patterns can work and do sometimes launch nice runs, but, statistically, they're more likely to fail than earlier-stage consolidations.
The company reported negative growth for both the top and bottom lines last quarter.
The company holds the No. 1 rank among its peers in the Building-Hand Tools industry group. Toro Co and Stanley Black & Decker are also among the group's highest-rated stocks.
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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