Enovix stock saw a welcome improvement to its Relative Strength (RS) Rating on Wednesday, with an increase from 86 to 97.
IBD's unique RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the trailing 52 weeks matches up against the rest of the market.
Decades of market research shows that the top-performing stocks typically have an 80 or better RS Rating as they launch their biggest climbs.
How To Use Stock Charts To Stay Profitable And Protected
Is Enovix Stock A Buy?
Enovix stock has been rallying since clearing its 50-day moving average on May 1. Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock is able to form a base and break out.
The lithium battery maker posted 0% earnings growth in its most recent report. Sales increased 26,250%.
Enovix stock holds the No. 16 rank among its peers in the Electrical Power/Equipment industry group. American Superconductor, nVent Electric and Powell Industries are among the top 5 highly rated stocks within the group.
