On Thursday, Cleveland-Cliffs hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 78 the day before.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength.
IBD's proprietary rating measures market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks compares to all the other stocks in our database.
History reveals that the best stocks often have an 80 or higher RS Rating in the early stages of their moves.
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While the stock is not near a proper buy point right now, see if it goes on to form and break out from a proper base now that the latest quarter earnings have been reported.
CLF Earnings
The company saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -48% to 86%. Revenue rose from -6% to -1%.
The company holds the No. 4 rank among its peers in the Steel-Producers industry group. Tenaris ADR is also among the group's highest-rated stocks.
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