On Friday, Cardinal Health stock got an upgrade to its Relative Strength (RS) Rating, from 79 to 82.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating tracks technical performance by showing how a stock's price action over the last 52 weeks measures up against that of other stocks on the major indexes.
History reveals that the best-performing stocks tend to have an RS Rating of over 80 as they launch their biggest price moves.
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Is Cardinal Health Stock A Buy?
Now is not an ideal time to jump in since it isn't near a proper buy zone and the stock market outlook is in correction, but see if Cardinal Health stock manages to form a consolidation and break out.
The drug distributor firm reported 48% earnings growth in the latest quarterly report, while sales growth came in at 13%.
Cardinal Health stock earns the No. 4 rank among its peers in the Medical-Wholesale Drugs industry group. PetIQ Cl A and McKesson are also among the group's highest-rated stocks.
