On Wednesday, Tower Semiconductor cleared an important technical benchmark, with its Relative Strength (RS) Rating entering into the 80-plus percentile with an improvement to 82, up from 79 the day before.
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This proprietary rating tracks technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
Over 100 years of market history shows that the stocks that go on to make the biggest gains tend to have an RS Rating of above 80 as they launch their biggest runs.
While Tower Semiconductor is not near an ideal buy point right now, see if it is able to form and break out of a proper chart pattern.
Tower Semiconductor reported -6% earnings growth in its most recent report, while sales growth came in at 6%.
The company holds the No. 2 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. Taiwan Semiconductor 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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