On Tuesday, FirstEnergy reached a noteworthy performance benchmark, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 92, up from 89 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. This unique rating identifies technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against other publicly traded companies.
Decades of market research reveals that the best stocks tend to have an RS Rating of above 80 as they begin their biggest climbs.
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FirstEnergy is now considered extended and out of buy range after clearing a 39.92 buy point in a first-stage cup with handle. 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.
Earnings Checkup
The company saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -2% to 59%. Revenue rose from 3% to 5%.
The company holds the No. 6 rank among its peers in the Utility-Electric Power industry group. Pampa Energia, OGE Energy and American Electric Power are among the top 5 highly rated stocks within the group.
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