On Wednesday, Bank of Montreal reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 84, up from 79 the day before.
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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 matches up against the rest of the market.
History reveals that the stocks that go on to make the biggest gains often have an RS Rating of at least 80 as they launch their biggest climbs.
Bank of Montreal is now considered extended and out of buy range after clearing a 106.00 buy point in a first-stage cup without handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Earnings grew 22% last quarter, up from 1% in the prior report. Revenue also increased, from 9% to 10%.
The company holds the No. 10 rank among its peers in the Banks-Money Centers industry group. NatWest Group ADR, Barclays ADR and Banco Bilbao Vizcaya ADR 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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