Magna International saw a welcome improvement to its Relative Strength (RS) Rating on Thursday, with an increase from 66 to 73.
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IBD's unique rating tracks share price performance with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database.
History reveals that the top-performing stocks tend to have an 80 or higher RS Rating in the early stages of their moves. See if Magna International can continue to rebound and clear that threshold.
Magna International broke out earlier, but has fallen back below the prior 43.17 entry from a cup with handle. If a stock you're tracking clears a buy point then declines 7% or more below the original entry price, it's considered a failed base. Wait for the stock to set up and breakout from a new base and buy point. Also understand that the latest consolidation is a later-stage base, and those involve more risk.
The company reported negative growth for both the top and bottom lines last quarter. Magna International is expected to report its next quarterly numbers on or around Aug. 1.
The company holds the No. 18 rank among its peers in the Auto/Truck-Original Equipment industry group. Hesai Group ADR, Visteon and Strattec Security 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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