On Tuesday, Daqo New Energy received a positive adjustment to its Relative Strength (RS) Rating, from 85 to 93.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength. This exclusive rating from Investor's Business Daily measures share price action with a 1 (worst) to 99 (best) score. The score shows how a stock's price movement over the last 52 weeks stacks up against all the other stocks in our database.
History shows that the best-performing stocks tend to have an 80 or better RS Rating in the early stages of their moves.
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Is Daqo New Energy Stock A Buy?
The IBD 50 stock is now considered extended and out of buy range after clearing a 53.70 buy point in a first-stage consolidation. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
The solar company saw both earnings and sales growth rise last quarter. Earnings-per-share increased from 83% to 524%. Revenue rose from 60% to 400%.
Daqo New Energy stock earns the No. 1 rank among its peers in the Energy-Solar industry group. Enphase Energy and Jinko Solar are also among the group's highest-rated stocks.
