In a welcome move, Abbott Laboratories 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.
This exclusive rating from Investor's Business Daily identifies market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price movement over the trailing 52 weeks holds up against all the other stocks in our database.
Decades of market research shows that the top-performing stocks often have an RS Rating of above 80 in the early stages of their moves. See if Abbott Laboratories can continue to rebound and hit that benchmark.
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Abbott Laboratories is working on a cup with handle pattern, according to a daily MarketSmith chart. It is currently trading 2% below the entry point from the handle.
In terms of fundamentals, the company has posted three quarters of rising earnings growth. Revenue growth has also moved higher over the same time frame.
The company 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.
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