On Friday, Qualcomm (QCOM) reached an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 75 the day before.
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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 unique RS Rating tracks market leadership by showing how a stock’s price action over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history shows that the best-performing stocks typically have an RS Rating north of 80 as they begin their biggest price moves.
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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 manages to establish and enter a buy zone in heavy volume.
Earnings grew 69% last quarter, up from 49% in the prior report. Revenue also increased, from 30% to 41%. Keep an eye out for the company’s next round of numbers on or around Jul. 28.
The company holds the No. 1 rank among its peers in the Electronics-Semiconductor Fabless industry group.
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Source: https://www.investors.com/research/stocks-with-rising-relative-price-strength-qualcomm-3/?src=A00220&yptr=yahoo