The Relative Strength (RS) Rating for Nextracker jumped into a new percentile Friday, with an increase from 77 to 83.
IBD's proprietary RS Rating identifies technical performance by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
History reveals that the stocks that go on to make the biggest gains typically have an RS Rating north of 80 in the early stages of their moves.
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Nextracker is now considered extended and out of buy range after clearing a 41.42 buy point in a first-stage double bottom. 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.
The company posted 7% EPS growth in the latest quarterly report, while sales growth came in at -4%.
Nextracker holds the No. 1 rank among its peers in the Energy-Solar industry group. Enphase Energy and First Solar are also among the group's highest-rated stocks.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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