Gates Industrial stock saw a positive improvement to its Relative Strength (RS) Rating on Thursday, with an upgrade from 79 to 83.
IBD's proprietary RS Rating tracks technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of the other stocks in our database.
Over 100 years of market history shows that the best-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves.
Risk Management In The Stock Market: How Much Money To Invest Now
Is Gates Industrial Stock A Buy?
Gates Industrial stock is now considered extended and out of buy range after clearing a 13.72 buy point in a first-stage saucer 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 moving average.
In terms of fundamentals, Gates Industrial has posted rising EPS growth over the last four quarters. Revenue growth has been less impressive, coming in at -3% in the latest report.
Gates Industrial stock holds the No. 9 rank among its peers in the Electrical Power/Equipment industry group. Powell Industries, nVent Electric and Vertiv Holdings are among the top 5 highly rated stocks within the group.
