When looking for the best stocks to buy and watch, focus on those with rising relative price strength.
One stock that fits that bill is DraftKings, which saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, with an upgrade from 78 to 94.
When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength. This exclusive rating from Investor's Business Daily identifies market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the last 52 weeks compares to all the other stocks in our database.
History reveals that the best stocks often have an RS Rating north of 80 as they begin their biggest climbs.
See How IBD Helps You Make More Money In Stocks
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. It did gap up last week on earnings news. According to today's Stock Market Today column, this "meme stock and IBD 50 component DraftKings (DKNG) neared a breakout above the 2022 high". It has fallen back with the market weakness since this posted.
Earnings Update
The company showed 0% EPS growth in the latest quarterly report, while sales growth came in at 81%.
DraftKings earns the No. 9 rank among its peers in the Leisure-Gaming/Equipment industry group. Sportradar Group, Churchill Downs and Intl Game Technology are among the top 5 highly rated stocks within the group.
Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks
