On Friday, Granite Construction got a positive adjustment to its Relative Strength (RS) Rating, from 77 to 86.
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This proprietary rating tracks technical performance by showing how a stock's price action over the last 52 weeks measures up against that of other stocks on the major indexes.
Decades of market research reveals that the top-performing stocks often have an RS Rating north of 80 as they begin their biggest price moves.
Granite Construction is now considered extended and out of buy range after clearing a 92.40 buy point in a third-stage cup with 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 line.
The company posted 12% earnings growth last quarter. Revenue increased 4%.
Granite Construction holds the No. 10 rank among its peers in the Building-Heavy Construction industry group. Primoris Services, Sterling Infrastructure and Argan 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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