In a welcome move, Wolfspeed saw its Relative Strength Rating improve from 64 to 78 on Monday, before the open.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This exclusive rating from Investor's Business Daily tracks market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the last 52 weeks holds up against all the other stocks in our database.
Over 100 years of market history shows that the top-performing stocks tend to have an RS Rating of above 80 in the early stages of their moves. See if Wolfspeed can continue to rebound and clear that threshold.
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Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock goes on to form a chart pattern and break out.
Wolfspeed stock posted 33% earnings growth in the latest quarterly report. Revenue gains came in at 36%. The next quarterly numbers are expected on or around Apr. 28.
The company holds the No. 18 rank among its peers in the Electronics-Semiconductor Manufacturing industry group. ON Semiconductor and Rogers are also among the group's highest-rated stocks.
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