On Friday, Suncor Energy reached a noteworthy performance benchmark, with its Relative Strength (RS) Rating moving into the 90-plus percentile. It gained an improvement to 91, a rise from 88 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. IBD's unique RS Rating measures technical performance. It is showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research shows that the best stocks often have an RS Rating north of 80 at the beginning of a new price run.
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Suncor Energy is currently not in a buy range. It has yet to offer a new buying opportunity since breaking out of a consolidation earlier this year. It is currently trying to clear key moving averages after reporting earnings last week. Look for a breakout on volume or the forming of a valid pattern such as a cup-with-handle.
Earnings Update
Earnings grew 465% last quarter, up from 292% in the prior report. Revenue also increased, from 55% to 78%.
The company earns the No. 14 rank among its peers in the Oil & Gas-Integrated industry group. Petrobras, Equinor ASA Adr and Petroleo Brasileiro are among the top 5 highly rated stocks within the group.
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