The Relative Strength (RS) Rating for Steel Dynamics headed into a new percentile Friday, as it got a lift from 66 to 74.
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This exclusive rating from Investor's Business Daily tracks share price performance with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the last 52 weeks compares to all the other stocks in our database.
Decades of market research reveals that the best-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves. See if Steel Dynamics can continue to show renewed price strength and clear that threshold.
Steel Dynamics is within a buying range after moving past a 139.57 buy point in a double bottom. The proper buying range is up to 5% above the initial entry. Once a stock hits that benchmark, it's best to wait for it to set up another buying opportunity..
Although earnings and sales growth came in at -26% and -1%, respectively, in the latest report, that marked one quarter of acceleration for earnings and two for the top line. Steel Dynamics is expected to report its next quarterly numbers on or around Oct. 20.
The company earns the No. 2 rank among its peers in the Steel-Producers industry group. ArcelorMittal ADR is the top-ranked stock 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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