On Wednesday, Best Buy stock hit a noteworthy performance benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 80 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the best stocks tend to have an 80 or higher RS Rating in the early stages of their moves.
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Is Best Buy Stock A Buy?
Best Buy stock is in a buying range after moving past an 86.99 entry in a cup with handle. Once a stock moves 5% or higher beyond the initial entry, it's considered extended and out of buy range.
Although earnings and sales growth came in at -34% and -11%, respectively, in the latest report, that marked acceleration for both the top and bottom lines. The electronics retailer is expected to release its next quarterly numbers on or around Mar. 3.
Best Buy stock holds the No. 1 rank among its peers in the Retail-Consumer Electronics industry group.
