Daqo New Energy stock saw a welcome improvement to its Relative Strength (RS) Rating on Monday, with an upgrade from 86 to 91.
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IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the last 52 weeks matches up against other publicly traded companies.
Over 100 years of market history shows that the best-performing stocks tend to have an RS Rating north of 80 as they launch their biggest price moves.
Is Daqo New Energy Stock A Buy?
Daqo New Energy stock has been trading in a tight pattern the last four weeks. Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock manages to form a consolidation and break out.
The Chinese solar company reported 0% EPS growth in the latest quarterly report, while sales growth came in at -70%. The company is expected to report its latest performance numbers on or around Aug. 26.
Daqo New Energy stock holds the No. 11 rank among its peers in the Energy-Solar industry group. Nextracker, SunRun and SolarEdge Technologies are among the top 5 highly rated stocks within the group.
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