Freeport McMoRan (FCX) had its Relative Strength (RS) Rating upgraded from 67 to 74 Tuesday — a welcome improvement, but still shy of the 80 or better score you look for.
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When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD’s proprietary rating 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 compares to all the other stocks in our database.
History reveals that the best stocks tend to have an RS Rating of over 80 as they launch their largest climbs. See if Freeport McMoRan can continue to show renewed price strength and clear that threshold.
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While Freeport McMoRan is not near an ideal buying range right now, see if it is able to form and break out of a proper chart pattern. It is at least on a slight upward trend, so maybe add to your watchlist?
The company posted 110% EPS growth in the latest quarterly report. Revenue gains came in at 36%.
Freeport McMoRan earns the No. 7 rank among its peers in the Mining-Metal Ores industry group. Teck Resources (TECK) and Mesabi Trust (MSB) are also among the group’s highest-rated stocks.
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Source: https://www.investors.com/research/stocks-with-rising-relative-strength-freeport-mcmoran-3/?src=A00220&yptr=yahoo