In a welcome move, Abbott Laboratories stock saw its Relative Strength Rating improve from 67 to 73 on Wednesday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary rating measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price movement over the trailing 52 weeks compares to all the other stocks in our database.
History shows that the market's biggest winners typically have an RS Rating of at least 80 in the early stages of their moves. See if Abbott Laboratories stock can continue to show renewed price strength and hit that benchmark.
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Is Abbott Laboratories Stock A Buy?
Abbott Laboratories is still within a buying range after moving past a 115.64 entry in a saucer with handle. The proper buying range extends to 5% above the initial entry. Once a stock moves above that range, it's best to wait for it to set up another buying opportunity..
In terms of top and bottom line numbers, the company has posted three quarters of accelerating earnings growth. Sales growth has also risen during the same period.
Abbott Laboratories stock holds the No. 3 rank among its peers in the Medical-Diversified industry group. Eli Lilly and Abbott Laboratories are also among the group's highest-rated stocks.
