Micron Technology had its Relative Strength (RS) Rating upgraded from 78 to 84 Friday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies 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 market's biggest winners often have an RS Rating north of 80 in the early stages of their moves.
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While the stock is not near an ideal entry right now, as the recent double bottom breakout failed. Let's see if it is able to form and break out of a proper base.
Micron Technology showed 0% earnings growth in the latest quarterly report. Revenue rose -57%. Keep an eye out for the company's next round of numbers on or around Sep. 27.
Micron Technology holds the No. 8 rank among its peers in the Computer Software-Storage industry group. SMART Global Holdings and NetApp are also among the group's highest-rated stocks.
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