When looking for the best stocks to buy and watch, focus on those with rising relative price strength to get started.
One stock that fits that bill is Piedmont Lithium, which saw another improvement to its Relative Strength (RS) Rating on Wednesday, with an upgrade from 90 to 93.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength. This proprietary rating identifies technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the trailing 52 weeks matches up against the rest of the market.
Decades of market research shows that the best stocks typically have an 80 or higher RS Rating in the early stages of their moves.
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Piedmont Lithium is now out of buy range after two failed cup with handle patterns on a MarketSmith weekly chart. 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.
Earnings Update
Piedmont Lithium reported -300% EPS growth in the latest quarterly report, while sales growth came in at 0%. More recent earnings reports are not available at this time.
Piedmont Lithium holds the No. 17 rank among its peers in the Mining-Metal Ores industry group. Cameco, Teck Resources and Turquoise Hill Resources are among the top 5 highly rated stocks within the group.
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