Steel Dynamics stock saw a welcome improvement to its Relative Strength (RS) Rating on Tuesday, rising from 88 to 91.
As you try to find the best stocks to buy and watch, keep a close on eye on relative price strength. This exclusive rating from Investor's Business Daily identifies price action with a 1 (worst) to 99 (best) score. The grade shows how a stock's price behavior over the trailing 52 weeks stacks up against all the other stocks in our database.
History shows that the best stocks tend to have an 80 or better RS Rating at the beginning of a new price run.
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Is Steel Dynamics Stock A Buy?
Steel Dynamics stock had a failed breakout from a cup-with-handle pattern, amid a stock market correction. While the stock is not near a proper buy zone right now, see if it goes on to form and break out from a proper chart pattern.
The steel producer posted 98% earnings growth last quarter. Revenue rose 39%. The next quarterly results are expected on or around Oct. 18.
Steel Dynamics stock earns the No. 1 rank among its peers in the Steel-Producers industry group. Tenaris and Huadi International Grp are also among the group's highest-rated stocks.
