On Wednesday, Fortis earned an upgrade to its Relative Strength (RS) Rating, from 66 to 71.
IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the trailing 52 weeks matched up against all other stocks.
History reveals that the best-performing stocks often have an RS Rating of above 80 in the early stages of their moves. See if Fortis can continue to show renewed price strength and clear that threshold.
When To Sell Stocks To Lock In Profits And Minimize Losses
Fortis broke out earlier, but is now around 3% below the prior 45.44 entry from a cup without handle. If a stock you're watching climbs above a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new pattern and breakout. Also understand that the most recent pattern is a later-stage base, and those involve more risk.
The company reported 15% EPS growth last quarter. Revenue increased 2%.
Fortis earns the No. 10 rank among its peers in the Utility-Diversified industry group. Ameren Corp, Chesapeake Utilities and Alliant Energy are among the top 5 highly rated stocks within the group.
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