On Wednesday, ArcBest hit an important technical milestone, with its Relative Strength (RS) Rating rising into the 80-plus percentile with an upgrade to 83, an increase from 79 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating identifies market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the last 52 weeks matches up against the rest of the market.
History reveals that the best-performing stocks typically have an 80 or higher RS Rating in the early stages of their moves.
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While ArcBest is not near a proper buy point right now, see if it is able to form and break out of a proper chart pattern. Keep in mind the stock does not trade in big volume, but it is higher-priced equity.
The company posted negative growth for both the top and bottom lines last quarter. ArcBest is expected to release its next quarterly numbers on or around Jul. 28.
The company holds the No. 4 rank among its peers in the Transportation-Truck industry group. Saia and TFI International are also among the group's highest-rated stocks.
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