Cenovus Energy saw a positive improvement to its Relative Strength (RS) Rating on Wednesday, with an upgrade from 75 to 81.
Risk Management In The Stock Market: How Much Money To Invest Now
This exclusive rating from Investor's Business Daily measures 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.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of at least 80 as they launch their biggest price moves.
Cenovus Energy is now considered extended and out of buy range after clearing a 15.07 buy point in a first-stage flat base. 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.
In terms of fundamentals, the company has posted rising EPS growth over the last two quarters. Revenue gains have not followed the same trajectory, coming in at -16% in the latest report.
The company earns the No. 6 rank among its peers in the Oil & Gas-Integrated industry group. EQT, Antero Midstream and Imperial Oil 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.
RELATED:
Stocks With Rising Relative Strength Ratings
