Schnitzer Steel Industries stock saw a welcome improvement to its Relative Strength (RS) Rating on Monday, with an increase from 78 to 81.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating measures market leadership by showing how a stock's price movement over the last 52 weeks compares to that of other stocks on the major indexes.
Decades of market research shows that the top-performing stocks often have an 80 or higher RS Rating in the early stages of their moves.
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Is Schnitzer Steel Industries Stock A Buy?
While Schnitzer Steel Industries stock is not near an ideal buying range right now, see if it goes on to form and break out of a proper base. The steel stock is a candidate on your watch list during this stock market correction. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
The steel maker posted 177% earnings growth last quarter. Revenue rose 62%. The company is expected to report its latest earnings and sales numbers on or around Apr. 7.
Schnitzer Steel Industries stock earns the No. 7 rank among its peers in the Metal-Fabricators industry group. Reliance Steel & Aluminum and Insteel Industries are also among the group's highest-rated stocks.
